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, according to an announcement from the United States Attorney for the Southern District of New York said on Thursday.

The U.S. Department of Justice charged Zhong Shi Gao, Naifeng Xu, and Fei Jiang with the scheme.

“Schemes like this harm institutions and make it tougher to report suspicious transfers,” FBI Assistant Director James Smith said. “The arrests today serve as a warning to anyone thinking of attempting to engage in bank fraud. The FBI will hold you accountable in the criminal justice system.”

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. According to the DOJ, U.S. District Judge Colleen McMahon will handle the trial of Gao, Xu, and Jiang.

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. The all

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Author: Jason Nelson

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