LOS ANGELES (AP) — Two executives of a textile company in the Los Angeles Fashion District have pleaded guilty to agreeing to launder drug money.
Brothers Morad and Hersel Neman, along with their company, entered pleas Friday to conspiracy and other federal charges. They agreed to forfeit more than $3 million to the government.
Prosecutors said the company, Pacific Eurotex Corp. was used to launder about $370,000 by accepting bulk cash payments that were deposited in smaller amounts to avoid bank reporting laws.
The money actually was provided by an undercover government agent posing as a money courier for drug interests.
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The Nemans could now face more than 20 years each in prison.
Two co-defendants are awaiting trial.