Father and son, with ties to Alaska, charged in $1-billion laundering case

(KNOE)
Published: Mar. 15, 2018 at 11:40 AM AKDT
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Mitchell Zong, 45, was federally charged on Monday with conspiracy to commit money laundering, according to U.S. Attorney Bryan Schroder. His father and former Anchorage resident, Kenneth Zong, was

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In December 2016, Kenneth Zong was charged – on 47 counts – for his alleged role in a scheme to provide services to Iran, which dates back to 2011. According to that indictment, approximately $1 billion was unlawfully distrusted. The father is currently in South Korea's custody for "violations of Korean law."

According to Monday's press release, son Mitchell Zong allegedly "conspired with others to commit money laundering violations in excess of $10,000," between September 8, 2013 and April 4, 2014. Schroder says this violates the International Emergency Economic Powers Act (IEEPA) and the Iranian Transaction and Sanctions Regulations (ITSR).

If found guilty, the maximum penalty for conspiracy to commit money laundering is 20 years in prison, along with a $250,000 fine.