The head of a Brisbane-based recycling company and his business partner were convicted of conspiracy to defraud the United States after being found guilty following a two-week long jury trial, the U.S. Department of Justice said Wednesday.
Joseph Nubla, who was the president of Brisbane Recycling Company at the time of the crimes, was also convicted of tax evasion.
The charges related to a scheme in which Nubla and his partner, Henry Ku, engaged in fraudulent money transfers designed to hide corporate income. Between 2009 and 2015, Nubla wrote checks totaling $18 million to Ku, who deposited them and allowed Nubla to claim the payments as business expenses, falsely claiming the payments were royalties for use of heavy equipment. Ku then sent the money back to Nubla in a variety of ways, including by money transfer, purchasing three houses, and writing cashier's checks pretending to pay back a loan.
A sentencing date has not yet been set. The charges of defrauding the government carry a maximum penalty of five years in federal prison and a fine of $250,000. The tax evasion charges carry a maximum of another five years and a fine of $100,000.
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