LA precious metals trader pleads guilty to money laundering

LOS ANGELES (AP) — Federal prosecutors say a precious-metals trader in the Los Angeles Jewelry District pleaded guilty to laundering money that he was told were more than $200,000 in drug trafficking proceeds.

The U.S. Attorney’s Office says 53-year-old Saeed Elyahouzadeh of Westwood entered the plea Monday in U.S. District Court to one felony count of money laundering.

The defendant owns and operates R.S.D. Trading Co.

The U.S. Attorney’s Office says that according to a plea agreement, he took part in four financial transactions between 2015 and 2017 after an undercover federal agent told him the money came from drug trafficking. He typically took 5 percent to 6 percent of the amount.

Sentencing is set for July 15.