According to schemes began with perpetrators contacting victims through messaging platforms and social media. They allegedly built trust over time, persuaded victims to invest in seemingly lucrative opportunities, displayed fake profits to encourage additional investments, and ultimately stole the victims' money.
Officials Vow Crackdown on Chinese Money Laundering Operations
Commenting on the Chinese money laundering case, Assistant Attorney proceeds, enabling scammers to continue to victimize Americans and deprive them of their hard-earned money." He added that dismantling Chinese money laundering networks supporting investment fraud is critical to protecting Americans and that the Criminal Division "will relentlessly pursue the financial networks that fuel and profit from these fraud schemes."
U.S. Attorney Joseph Nocella Jr. for the Eastern District of New York described the defendants as "key members of a sophisticated money laundering network" that allegedly routed more than $40 million in victim funds to bank accounts in China. He said the office would continue pursuing individuals involved in investment fraud targeting vulnerable victims.
FBI New York Assistant Director in Charge James C. Barnacle Jr. stated that the operation allegedly laundered more than $40 million from American victims before depositing the funds into Chinese accounts overseas. He said the Investigations said the two Chinese nationals allegedly operated the illicit network for nearly two years, laundering victims' life savings. IRS Criminal Investigation Special Agent in Charge Harry T. Chavis Jr. said the indictment demonstrates that "justice is coming" for fraudsters, while U.S. Postal Inspection Service Inspector in Charge Ketty Larco-Ward noted that investment fraud schemes exploit victims' trust through false promises of returns.
Investigation and Legal Proceedings Continue
The conspiracy to commit money laundering charge carries a maximum sentence of 20 years in prison. The investigation is being conducted by FBI New York, HSI New York, IRS Criminal Investigation New York, and the U.S. Postal Inspection Service. The prosecution is being led by Trial Attorneys Claire Galasso, David Ginensky, and Adrienne Rosen, along with Assistant U.S. Attorneys Benjamin Weintraub and David Berman.
The case also forms part of the Homeland Security Task Force initiative established under Executive Order 14159. Officials emphasized that an indictment is only an allegation, and Zhuoying Chen and the co-defendant are presumed innocent unless proven guilty beyond a reasonable doubt in court.
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