Philadelphia jewelry store owner pleads guilty to money laundering, other offenses

Prosecutors said Wasim Shazad sold several pieces of jewelry to an undercover IRS agent, who paid cash for the items.
PHILADELPHIA (WPVI) -- A store owner on Philadelphia's Jeweler's Row will now spend years behind bars on money laundering charges, officials said.

Authorities said Wasim Shazad, of Norristown, Pa., pleaded guilty to charges of money laundering and failure to file a record of financial transaction.

Prosecutors said Shazad sold several pieces of jewelry to an undercover IRS agent, who paid cash for the items.

Shazad never reported those payments to the government, authorities said.

Authorities raided his store V Jewelers on 8th and Sansom Streets back in 2017.

He was charged with fencing jewelry stolen from high-end homes in Montgomery, Chester, and Delaware counties.

Shazad faces a maximum possible sentence of five years in prison, a $250,000 fine, and full restitution paid to the IRS.

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