Kwon defends handling of ‘structuring’ allegations

TRENTON – State Supreme Court nominee Phillip Kwon told the Senate Judiciary committee this morning that the issue of his mother’s bank deposits of increments of just under $10,000 was not done to evade reporting requirements and had nothing to do with any money laundering, but was simply a matter of her not understanding what was required.

All of the funds in those deposits came from legitimate sales, and no liability was found by the government, Kwon told the committee today as he informed the senators that if approved for the court, he would respect the rule of law.

He told the committee that once his father became very ill following a stroke in 2009, his mother had to take on sole responsibility for running their store. He told the committee that she simply made a mistake and did not know the reporting requirements were at issue.

He said his parents have been running a liquor store for more than 35 years.

“As her son I explained to her that making deposits this way would raise red flags with the bank,” he told the committee. Once she was informed of this, he helped her get legal representation and then removed himself from involvement in the matter, he informed the committee.

Kwon defends handling of ‘structuring’ allegations