Scutari, Gill press Kwon on bank deposits

TRENTON – Sens. Nicholas Scutari and Nia Gill of the Judiciary Committee hammered today at Supreme Court nominee Phil Kwon over the manner of bank deposits from his parents’ business.

Scutari pointed out that deposits were made daily, sometimes twice daily, in increments of just under $10,000, often just above $9,000.

A pattern of such deposits, sometimes called structuring, is sometimes an indicator of money laundering, but Kwon has repeatedly told the committee today that his mother never realized what she was doing could be misinterpreted.

“This is a routine she had developed over the years,” Kwon said, adding that it put her in the problematic position of trying to prove a negative, that she intended nothing wrong.

Gill asked him about non-deposited cash kept elsewhere, about the $9,000-plus not representing the total amount of cash the business had received, and pointed out that the pattern of deposits was more extensive that had been believed.

Earlier, in response to questions, Kwon said that the business grossed about $4 million last year, and profit was about $120,000.

In response to questions, he also told the committee that his wife had become a 50 percent owner of the business and for a time often made some of the deposits that have drawn questions.

Gill also raised the point that Kwon’s mother’s actions raise the possibility that she knew there was a potential violation of the reporting requirements of the bank deposits.

Earlier story:

Kwon defends handling of structuring allegations

 

Scutari, Gill press Kwon on bank deposits