Court: Government owns seized diamond worth $20M

CINCINNATI (AP) — The government has won ownership rights to a 43-carat diamond worth up to $20 million that was seized in a money laundering investigation in Ohio.

A federal appeals court in Cincinnati sided Monday with a trial judge in granting the government ownership of the diamond once owned by Paul Monea of Alliance.

Monea was convicted of money laundering, and the government seized the 1-inch tall diamond. Federal officials plan to auction it and give the proceeds to law-enforcement agencies involved in the investigation.

Ownership claims came from Monea’s children, a New York minister and a California business owner.

Monea’s attorney, Thomas Houlihan, declined comment today. Monea became rich distributing Tae Bo fitness tapes.