Three men have been charged with laundering over $10 million in cryptocurrency. If found guilty, the three face a maximum of 30 years in federal prison. The U.S. Department of Justice charged Zhong Shi Gao, Naifeng Xu, and Fei Jiang with the scheme. The FBI will hold those who attempt to engage in bank fraud accountable. The trio were apprehended through a joint operation between the FBI’s Oklahoma City field office and the bureau’s Asian and African Organized Crime squad. Each defendant is charged with three counts, including conspiracy to commit bank and wire fraud, money laundering, and identity theft. The scheme included enlisting foreign nationals from China and Taiwan living in the United States, opening bank accounts, and turning them over to the defendants. U.S. Attorney Damian Williams said that schemes like this harm institutions and make it tougher to report suspicious transfers. He warned fraudsters and cybercriminals that they will be found and held accountable for their crimes. Federal regulators have taken a heavier hand with the cryptocurrency industry since the collapse of FTX and the arrest of Bankman-Fried last year. This news serves as a warning to anyone thinking of attempting to engage in bank fraud. #CryptoCrime #MoneyLaundering #FinancialFraud #CriminalJusticeSystem
You can read more about this topic here: Decrypt: FBI Arrests Three Men in Alleged $10 Million Crypto Laundering Scheme
