Analysis

3 Individuals Arrested for Alleged $10 Million Theft and Money Laundering Using Crypto


United States prosecutors arrested three people for allegedly stealing $10 million from financial institutions and laundering the stolen funds using cryptocurrency exchanges.

The individuals could each get up to over 80 years in prison if found guilty of the allegations.

Defrauding Banks and Channeling Proceeds to Crypto Exchanges

A press release by the U.S. Attorney’s Office for the Southern District of New York announced the arrest of Zhong Shi Gao, Naifeng Xu, and Feo Jiang by the Federal Bureau of Investigations (FBI), for their alleged involvement in an elaborate fraud scheme targeting banks and financial institutions in the United States.

Gao, Xu, and Jiang reportedly hired Chinese and Taiwanese foreign nationals temporarily living in the United States to open bank accounts in the New York City metropolitan area and other places.

Control of these accounts was handed over to the three men, who would cause funds to be deposited and transferred between them before proceeding to report unauthorized wire transfers, thereby prompting the banks to credit their accounts.

Following the receipt of the credited money, Gao, Xu, and Jiang either decided to make withdrawals or convert the funds to crypto and transfer the funds to cryptocurrency exchanges overseas before the banks were aware of the fake unauthorized reports.

The fraudulent act spanned between 2018 and 2022, with the scammers raking in more than $10 million from the illicit activity. As stated in the press release, the theft affected “nearly a dozen banks and financial institutions.”

Maximum Jail Term of 82 Years if Guilty

Gao, Xu, and Jiang are each slammed with one count of bank fraud conspiracy, one count of “conspiracy to commit wire fraud affecting a financial institution,” one count of conspiracy to commit money laundering, and one count of aggravated identity theft.

While the first two counts each carry a maximum prison sentence of 30 years, the third and fourth counts could come with a maximum jail term of 20 years and two years, respectively.

Commenting on the development, U.S. Attorney Damian Williams said in a statement:

“These charges should serve as a warning to fraudsters and cybercriminals who think they can turn to cryptocurrency to hide their identities – together with our partner agencies, we will find you and hold you accountable for your crimes.”

 

SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).


Source link

Back to top button

Sweet Bonanza

Baccarat Online

Lucky Neko

Slot88

Slot777

Slot Bet 100

Slot777

Slot777

slot bonus

slot gacor gampang menang

sbobet88

sbobet88

daftar slot777

sbobet88

slot starlight princess

sbobet88

slot777 gacor

slot gacor

slot joker123

pragmatic play

bonus new member

slot gacor

pragmatic play

slot deposit qris

Slot777

Slot777

Slot777

Slot88

slot gacor

ARES GACOR

Slot Gacor

GADUNSLOT

sbobet

slot bonus

pragmatic

slot777

pragmatic

pragmatic

pragmatic

sbobet

sbobet

gates of gatotkaca

joker123

slot bonus

slot bet kecil

pragmatic play

slot bet kecil

joker123

Joker123

https://sbobet-gadunslot.matthewwilliamson.com/products/sbobet

https://sbobet-gadunslot.thebotanist.com/products/sbobet-daftar

https://tutordong-garansikekalahan.wonhundred.com/products/slot-garansi-kekalahan-100

https://gadunslot-pastirankslot88.zacbrownband.com/products/slot88-agen-situs-judi-slot-online-terpercaya-no-1

https://sl0t-thailand-gadunslot-gacor.eightoclock.com/products/slot-server-thailand/

https://slottt-thailand.gds.eightoclock.com/products/slot-thailand

https://slotresmi-gadunslot.matthewwilliamson.com/products/slot-resmi

Adblock Detected

Please consider supporting us by disabling your ad blocker

rtp slot pragmatic

slot deposit via qris

slot deposit via qris

slot bet 100

slot deposit pulsa tanpa potongan

slot deposit pulsa tanpa potongan

mahjong slot

https://bartarazkhod.ir/

https://hindustaniinvestor.com/

https://perldo.com/

https://sknetbd.com/

https://www.djmanager.biz/

https://www.q-linn.com/

kakek merah slot

kakek merah slot

kakek merah slot

kakek merah slot

https://www.garagecruchet.fr/slot-qris-5000/

https://www.auxdelicesdepierre.com/slot-qris/

https://www.pourtoietmoi.fr/slot-deposit-qris/

https://www.suiviesante.fr/slot-qris-5k/

Slot Singapore

https://www.job-source.fr/

rodaderoplaza.com