Queens Pharmacy Owner Sentenced to Over Five Years in Prison for Money Laundering Scheme

Queens Pharmacy Owner Sentenced to Over Five Years in Prison for Money Laundering Scheme

A New York man, Taesung "Terry" Kim, 61, of Harrison, New York, was sentenced today to 63 months in prison for conspiring to launder the proceeds of a $24.4 million pharmacy fraud scheme. According to court documents, the defendant co-owned several retail pharmacies in Brooklyn and Queens, New York. Between 2015 and 2022, Kim's pharmacies submitted approximately $24.4 million in claims to Medicare for medically unnecessary prescription drugs. Kim, working with others, acquired prescriptions by paying bribes and cash kickbacks to medical providers and purported patients. He and his conspirators gave bribes to medical providers in the form of office rent and staff to induce them to direct prescriptions to the pharmacies, and he paid customers in the form of supermarket gift certificates and cash to induce them to fill prescriptions at their pharmacies. Kim laundered the proceeds of the scheme through various trading companies, which gave the appearance of legitimate business, facilitated the kickbacks and bribes, and distributed profits among the pharmacies' owners.

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