The U.S. Department of Justice says a Chinese national is heading to federal prison for his role in an international cryptocurrency investment fraud that siphoned more than $36.9 million from 174 victims.
Jingliang Su has pleaded guilty to one count of conspiracy to operate an illegal money-transmitting business and was ordered to pay $26,867,242.44 in restitution as part of the federal case.
According to the Justice Department, Su and his co-conspirators operated from scam centers in Cambodia and used unsolicited social media messages, telephone calls, text messages, and online dating services to build trust with Americans before directing them to sophisticated fake cryptocurrency trading websites.
The fraudsters convinced victims to transfer funds for “investments” that, in reality, were never legitimate and were immediately diverted into accounts controlled by the ring.
Once the funds were received, Su and his partners moved the stolen money through a U.S. shell company and an account at Deltec Bank in the Bahamas, converted the funds into the stablecoin Tether (USDT), and then transferred them to digital wallets and scam operations in Cambodia.
Eight co-conspirators have pleaded guilty in connection with the scheme, and several have already been sentenced to federal prison terms ranging from 36 to 51 months.
Says First Assistant U.S. Attorney Bill Essayli for the Central District of California,
“New investment opportunities may sound intriguing, but they have a dark side: attracting criminals who, in this case, stole then laundered tens of millions of dollars from their victims… I thank our law enforcement partners for their efforts at bringing this defendant to justice and I encourage the investing public to be cautious. An ounce of prevention is worth a pound of cure.”
Su has been sentenced to 46 months in federal prison.
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