New York considers crackdown on counterfeit luxury

It's one of the worst kept secrets in New York. 
 
Hidden around the city are counterfeit goods labeled "Prada" or "Louis Vuitton" or some other luxury brand.
 
They're sold for a pittance to bargain hunters from around the world who flock to Chinatown. 
 
Now, if a proposed bill passes the City Council, customers caught buying these items could be punished -- with a fine of up to $1,000, or even prison time. 
 
A City Hall public hearing is scheduled for Thursday to examine the black-market business.
 
 The bill sponsor is Council member Margaret Chin. She expects a vote sometime in the coming months. 
 

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