A Fresno business owner has plead guilty to conspiring to launder money, U.S. Attorney Phillip A. Talbert said in a press release Wednesday.
Krishen Sauble Iyer, owner of the insurance company Health Shield, knew the unidentified suspect was a marijuana trafficker when he decided to work with the suspect, Talbert said.
According to court documents, Iyer, 39, had drug funds transferred to the Health Shield bank account and paid back to the alleged dealer. Two Form 1099s stated that the business paid the suspect $111,952 in 2013 and $164,000 the next year, Talbert said. This gave the illusion of legitimate salary payments. Iyer received commission for transferring the money.
Iyer faces a maximum of 20 years in prison and a $500,000 fine. He’ll return to Judge Dale A. Drozd’s courtroom on April 24 at 10 a.m.