(BCN) — A San Jose man has been indicted on alleged federal tax and financial crimes, U.S. Attorney Ismail Ramsey announced Friday.
Chunsheng “Jay” Huang is charged with allegedly filing a false tax return and failing to report a foreign bank or financial account, prosecutors said. Huang was indicted in November 2022 but it was unsealed last week.
According to the indictment, Huang, 67, of San Jose, is alleged to have been an employee of a company based in Milpitas, California, for over 15 years while also working for companies based in the People’s Republic of China for at least six of those years.
Huang is accused of using an account with Industrial and Commercial Bank of China in his sister-in-law’s name to receive payments from two companies in China. The indictment alleges that Huang failed to report that income on his federal tax returns for 2016 through 2020.
In addition to the obligation to report foreign income for tax purposes, the indictment alleges that United States citizens and residents who have a financial interest in, or signature or other authority over, a bank account in a foreign country with an aggregate value of more than $10,000 at any time during a particular calendar year are required to file with the United States Treasury, the Financial Crimes Enforcement Network and other entities for that year. Prosecutors allege that Huang failed to file a required financial report for 2019 and 2020.
Huang has not made an appearance in the case, according to the government. An arrest warrant was issued at the time of his indictment.
If convicted of both counts, Huang faces a maximum sentence of 13 years in federal prison and a fine of $750,000, plus other fines.
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