A Chinese language twin citizen has pleaded responsible to laundering hundreds of thousands of {dollars} in proceeds of cryptocurrency funding scams.
Daren Li, 41, a twin citizen of China and St. Kitts and Nevis, and a resident of China, Cambodia, and the United Arab Emirates, pleaded responsible to 1 depend of conspiracy to commit cash laundering on Tuesday within the Central District of California.
“Daren Li and his co-conspirators laundered over $73 million from the victims of cryptocurrency funding scams, utilizing an online of shell firms and worldwide financial institution accounts,” mentioned Principal Deputy Assistant Lawyer Common Nicole M. Argentieri, head of the Justice Division’s Prison Division.
Argentieri added, “Though Li dedicated this offense from exterior the US, he was not past the attain of the Justice Division. Immediately’s plea displays our ongoing dedication to working with our home and worldwide companions to carry accountable anybody answerable for cryptocurrency funding fraud in opposition to U.S. victims — wherever the perpetrators are positioned.”
In response to a press launch from the Justice Division, Li was arrested on April 12 at Hartsfield-Jackson Atlanta Worldwide Airport.
The press launch defined, “With a view to conceal or disguise the character, location, supply, possession, and management of the fraudulently obtained sufferer funds, Li would instruct co-conspirators to open U.S. financial institution accounts established on behalf of shell firms and would monitor the receipt and execution of interstate and worldwide wire transfers of sufferer funds. Li and different co-conspirators would obtain sufferer funds in monetary accounts they managed, after which monitor the conversion of sufferer funds to digital forex, particularly Tether (USDT), and the next distribution of that digital forex to cryptocurrency wallets managed by Li and his co-conspirators.”
Li deposited no less than $73.6 million of the sufferer’s cash into financial institution accounts belonging to him and his co-conspirators. At the very least $59.8 million was from shell firms in the US.
“Monetary criminals and the cash launderers who allow them wreak untold hurt, ruining lives within the course of,” mentioned United States Lawyer Martin Estrada for the Central District of California. “Traders ought to be diligent and on guard in opposition to anybody providing fast riches by way of new, unique investments. A wholesome dose of skepticism may stop monetary smash down the highway.”
Li is scheduled to be sentenced on March 3, 2025.
He faces a most sentence of 20 years in jail.
