Eleven men face multiple charges in Brooklyn for alleged investment fraud, money laundering and unlicensed money transmitting business schemes, prosecutors announced Friday.
According to court documents, the defendants, Jin Hua Zhang , Gregory Armand , Chen Chen , Yanbin Chen , Yanbing Chen , Changgui Huang , Xin Jin , Jiahui Miao , Lingming Zheng , Jin Fu Zhang and Hua Zhou allegedly defrauded over 200 victims of almost $18 million as a part of a “Pig Butchering” investment fraud scheme, as well as money laundering schemes, allegedly converting more than $52 million of cash to cashiers checks.
Breon Peace, United States Attorney for the Eastern District of New York stated “As alleged, nearly $18 million was swindled from over 200 victims throughout the country and laundered through the defendants’ sophisticated money laundering scheme. These 11 arrests demonstrate the seriousness of financial fraud and the commitment of this Office and our law enforcement partners to rooting out bad actors and protecting victims.
“For once the name of a scam – pig butchering – reflects the grotesque nature of the harm it causes victims. We allege these fraudsters bled dry each of their victims and then used the money to set up fake cryptocurrency accounts. We know there are many more victims of these types of scams, and we urge those people to report it to the FBI. We will do all we can to bring each and every criminal to justice,” stated FBI Assistant Director-in-Charge Michael J. Driscoll.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Eleven Warriors Roundtable: Midseason Open Week Comes at Perfect Time for Ohio StateRyan Day's squad might be taking the weekend off but the 11W Roundtable is a different breed. This week, Chase Brown, Ramzy Nasrallah and Garrick Hodge work OT to bring you the goods.
Read more »
October Becomes Worst Month for Crypto Hacks With Two Weeks to GoOver $718 million has been stolen from DeFi protocols across eleven different hacks this month so far, per research firm Chainalysis. By shauryamalwa
Read more »
TEDxJacksonville returns Saturday, Oct. 22: What you need to know'The speakers … are wonderfully diverse and will share powerful ideas on topics ranging from space infrastructure to artificial intelligence and from civic leadership to health care innovation,' co-organizer and executive producer Jeanmarie said.
Read more »
South Dakota signals the end of an era on Medicaid expansionSouth Dakota is poised to expand Medicaid to more than 40,000 people in November. If voters approve, South Dakota would be the seventh Republican-controlled state in 5 years to expand Medicaid at the ballot box — and likely the last for awhile.
Read more »
Eleven charged in Brooklyn federal court for defrauding over 200 people in money transmitting scheme | amNewYorkEleven men face multiple charges in Brooklyn for alleged investment fraud, money laundering and unlicensed money transmitting business schemes, prosecutors announced Friday.
Read more »