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Theft

Five Men Plead Guilty to Laundering $36.9 Million in International Digital Asset Investment Scam Conspiracy

Strategic Insights

— 1 min read

Five men, including Joseph Wong, Yicheng Zhang, Jose Somarriba, Shengsheng He, and Jingliang Su, have pleaded guilty to laundering more than $36.9 million in an international digital asset investment scam conspiracy. The scam, which was carried out from centers in Cambodia, targeted U.S. victims who were induced to transfer funds to accounts controlled by co-conspirators. The defendants used various methods to launder the victim money, including transferring it through U.S. shell companies, international bank accounts, and digital asset wallets.

Key Takeaways:

  • Five men pleaded guilty to laundering $36.9 million in an international digital asset investment scam conspiracy.
  • The scam targeted U.S. victims who were induced to transfer funds to accounts controlled by co-conspirators.
  • The defendants used various methods to launder victim money, including transferring it through U.S. shell companies, international bank accounts, and digital asset wallets.
  • The case involved co-conspirators in Cambodia, China, Turkey, and the United States.
  • Joseph Wong and Yicheng Zhang pleaded guilty to money laundering conspiracy and face a maximum penalty of 20 years in prison.
  • Jose Somarriba, Shengsheng He, and Jingliang Su pleaded guilty to conspiracy to operate an unlicensed money services business and face a maximum penalty of five years in prison.
  • Eight co-conspirators have pleaded guilty so far, including Daren Li, a national of China and St. Kitts and Nevis, and Lu Zhang, a Chinese national illegally in the United States.
  • The case was investigated by the U.S. Secret Service, the Homeland Security Investigations' El Camino Real Financial Crimes Task Force, and the U.S. Department of State's Diplomatic Security Service.

Statistics:

  • $36.9 million: The amount laundered in the scam.
  • 5: The number of men who pleaded guilty to laundering in the scam.
  • 20 years: The maximum penalty for money laundering conspiracy.
  • 5 years: The maximum penalty for conspiracy to operate an unlicensed money services business.
  • 8: The number of co-conspirators who have pleaded guilty so far.

Sources:

  • "Five men plead guilty to laundering $36.9 million in international digital asset investment scam conspiracy." United States Attorneys General.
  • "U.S. Marshals Service." U.S. Department of Justice.
  • "U.S. Secret Service." U.S. Department of Homeland Security.
  • "Homeland Security Investigations." U.S. Department of Homeland Security.
  • "U.S. Department of State's Diplomatic Security Service." U.S. Department of State.

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