$100-million counterfeit luxury goods ring uncovered
American Immigration Enforcement and Customs (ICE) agents arrested three people this week in connection with one of the largest ever counterfeit luxury goods operations in the United States.
According to the indictment, between 2002 and 2005 Chong Lam, Siu Yung Chan, and Eric Yuen, and their fellow conspirators, operated a massive international import and wholesale goods business, through which they illegally imported 300,000 counterfeit luxury goods such as handbags and wallets from China in the names of different companies. The value of the corresponding authentic luxury goods manufactured by Burberry, Louis Vuitton, Gucci, Coach, and others is estimated to be over $100 million.
Under the indictment, ICE agents have also frozen the assets of the accused, including 29 bank accounts and three properties in New York.
If convicted, each of the defendants faces 55 years in prison and a massive $8.75 million in fines.
"These criminal organisations cost legitimate businesses billions in lost revenue and they compromise the economic well-being of the United States," said Julie Myers, assistant secretary of Homeland Security for ICE.
