Young Ran Kim and Cindy Baek admitted to laundering money to contribute more than the allowable amount. Kim and Baek reimbursed other people for their contributions.
The city ethics commission wants to fine the two up to $20,000. The District Attorney's Office says Villaraigosa did not know about the scheme.
Baek admitted to laundering the money during a grand jury investigation she took part in. She was testifying against Koreatown mortgage firm executive Alexander Hugh and escrow officer Annette Lee for their part in a 2009 scheme to cover the tracks on donations to Villaraigosa' political committee.
Kim told ethics commission staff she laundered money for Hugh in order to get a retail space in his Koreatown hotel, asking friends and family to donate to Villaraigosa's mayoral campaign and then reimbursing them.
Kim is an operations officer at Wilshire State Bank and Baek worked as a title representative at Stewart Title until February 2011, according to a company representative.
City News Service contributed to this report.