S’porean on FBI’s Most Wanted List Pleads Guilty to Falsifying North Korea-linked Invoices

By
Zhi Hao
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“If you want me right, you should chase me.”

Infamous words. Couldn’t be more true. Indeed, it’s a privilege to have someone chase after you.

It is, after all, a sign that you’ve made it in life.

S’porean on FBI’s Most Wanted List Pleads Guilty to Falsifying North Korea-linked Invoices

But of course, the reverse could also hold true.

So lest you’re unaware, Tan Wee Beng, 44, was the managing director and a shareholder of commodities trading firm Wee Tiong, as well as the director of Wee Tiong’s sister company Morgan Marcos. But that’s not all.

He was also listed in an FBI notice for crimes including bank fraud, money laundering and conspiring to defraud the United States.

Image: Federal Bureau of Investigation

At this point, you may wonder: Just what exactly did Tan do, that the FBI had to be involved?

Well, it seems that Tan had actually pleaded guilty on Monday (11 October 2021) to the falsification of invoices related to… North Korean businesses.

In total, he faced seven charges of falsifying invoices of two companies. 13 other charges were also taken into consideration.

Money Laundering

In 2007 or 2008, Tan traded with a North Korean called Ri Nam Sok. And in 2010, he conducted business with another North Korean called Chol Ho.

Having sold sugar to their businesses, he subsequently received payment for the goods. The funds were directed to the bank accounts of Wee Tiong and Morgan Marcos.

Things then settled down, until years later.

In 2016 and 2017, UOB sent queries to Tan regarding deposits of money into the two accounts. OCBC also queried about Morgan Marcos’ bank accounts in September 2017.

Afraid that UOB and OCBC would cease their banking relations if they discovered his deals with North Korea-linked companies, Tan decided to go down the route of deception.

It should be noted that at the time of the transactions, the deals with North Korea were actually legal.

With the help of co-accused Bong Hui Ping, Wee Tiong’s shipping manager, Tan falsified invoices and changed any affiliated information that may lead him back to North Korean companies or ports.

Once done, he got back to the banks.

But the ruse ultimately failed to pan out.

In court, the prosecution requested for at least two months’ imprisonment, stating that it was bank fraud. He also added that it was not a one-time offence.

The defence, however, requested for a high fine, stating that Tan’s transactions were actually legal at the time. The defence lawyer also added that Tan had ceased transactions with the North Korean companies after it became illegal.

For falsifying invoices with an intent to defraud, Tan could face up to 10 years in jail, a fine or both.

He will be sentenced next week.

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Featured Image: Federal Bureau of Investigation

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Zhi Hao
Email: [email protected]