Lili Bian, Failing to Report Foreign Bank Account, North Carolina 2023

CHARLOTTE, N.C. - In a shocking turn of events, Lili Bian, a 59-year-old Chinese national and lawful permanent resident of the United States, pleaded guilty to failing to report a foreign bank account with a balance exceeding $10,000, announced Andrew Murray, U.S. Attorney for the Western District of North Carolina.

Bian, a resident of Charlotte, appeared in federal court today and admitted to knowingly and willfully failing to file with the U.S. Treasury a Foreign Bank and Financial Account Form TD F 90-22.1 (FBAR) as required by all citizens or residents in the United States who had a financial interest in, or signature or other authority over a financial account in a foreign country with an aggregate value of more than $10,000.

According to court documents and today's court proceedings, Bian admitted that during calendar year 2014, she failed to report that she had an interest in, or signature authority over, a financial account at FungChen Securities, a financial institution located in China, with an aggregate value of more than $10,000.

The charge of willful failure to file an FBAR carries a maximum prison term of five years and a $250,000 fine. Bian has agreed to forfeit over $3 million in U.S. currency, funds, and other assets, including multiple residences and luxury vehicles, many of which are titled in both Bian and her son's names, and were previously identified for forfeiture in the Zhou case.

Bian's son, Shi Yun Zhou, was sentenced in January 2019 to nine years in prison on drug trafficking conspiracy and money laundering conspiracy charges. The U.S. Marshals Service, the Pineville Police Department, the Cornelius Police Department, the Charlotte-Mecklenburg Police Department, the Mint Hill Police Department, the Huntersville Police Department, the Monroe Police Department, and the Gastonia Police Department assisted in the investigation.

Assistant U.S. Attorneys Sanjeev Bhasker and Caryn Finley are in charge of the prosecution, while Assistant U.S. Attorney Benjamin Bain-Creed is handling the forfeiture proceedings.

The case is a stark reminder of the importance of reporting foreign bank accounts to the U.S. Treasury. Failure to do so can result in severe penalties, including prison time and fines.

Source: https://www.justice.gov/usao-wdnc/pr/chinese-national-pleads-guilty-failing-report-foreign-bank-account