Gold

3 Men Sentenced for Using Gold Exchange As Front for Money Laundering

Edward J. Schwartz federal office building in downtown San Diego. Photo via casd.uscourts.gov

A federal judge sentenced the managers of a San Diego gold exchange business Friday for financial crimes stemming from a long-running money laundering operation.

According to the U.S. Attorney’s Office, Global Gold Exchange LLC, and managers Richard M. Owen, 52, James Warren, 50, and Jeffrey Morrow, 46, laundered money from a number of illicit sources. They then fraudulently documented the activity as gold transactions.

The men pleaded guilty in 2019 and 2020 to charges that include money laundering, mail fraud and operating an unlicensed money transmitting business.

Owen received a two-year sentence for money laundering and being a felon in possession of a firearm. Warren and Morrow received six- and eight-month sentences, respectively, according to the U.S. Attorney’s Office.

The defendants also agreed to forfeit around $2 million in assets and pay more than $3.7 million in restitution.


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