Ex-county official busted for embezzlement

I-270

The former COO of the Montgomery County Department of Economic Development is facing major jail time after pleading guilty to the embezzlement of nearly $7 million worth of tax-payers money.

According to county, state and internal revenue service officers, Byung “Peter” Bang, 59, funneled away $6.7 million from 2010 to 2016.

Officials said that money was laundered through various foreign nations including South Korea.

An investigation in Bang’s activities showed that he had an active gambling addiction and visited casinos in Delaware, Las Vegas and West Virginia with the money he had taken for himself.

“The cashiers checks ranged in size from $35,000 to $200,000,” said State’s Attorney for Montgomery County John McCarthy. “This led to Chung Byung entity LLC banks accounts. That was the dummy corporation. Then looking at the documents, they realized the money that went to that LLC came from Montgomery County.”

Bang faces well over 20 years behind bars and faces further prosecution at both the county and federal level.

Bang is believed to have been working alone.

Copyright 2019 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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