A Hong Kong jewelry company has been fined $800,000 fordefrauding U.S. Customs of more than $1 million.
Fai Po Jewellery (H.K.) Co. LTD entered its plea and was sentenced Friday inU.S. District Court in Anchorage.
The company also must pay just over $1 million in restitution and the costs ofthe investigation, more than $144,000.
The U.S. attorney's office for Alaska says in a release that the companyprepared two invoices for every shipment of gold to U.S. buyers. One with thetrue amount was sent to the buyer, but a smaller invoice that undervalued thegoods was sent with the shipment through customs.
Officials say by doing that, the company avoided full payment of U.S. Customsduties from March 2007 through October 2009.