U.S. company at center of gold racket must pay $15 million fine, Miami judge rules
BY JAY WEAVER
A major precious-metals company whose three Miami gold dealers were convicted of a massive money-laundering racket must pay the U.S. government $15 million as a criminal fine while being under probation for five years, a federal judge has ruled.
Elemetal, based in Dallas, was sentenced Thursday after admitting this spring that the company failed to maintain a compliance program to stop its gold dealers from carrying out a $3.6 billion money laundering scheme. The conspiracy entailed U.S. imports of lllegally mined and smuggled gold from South America — including deals with drug traffickers — through Elemetal's Miami subsidiary, NTR Metals.