A woman from Arcadia was sentenced to more than 10 years in federal prison for her role in an international money laundering scheme that moved over $11.6 million from hundreds of fraud victims, many of whom were elderly. Cynthia Song, also known as “Iris Song” and “Xin Wang,” received a 121-month sentence from United States District Judge Stanley Blumenfeld Jr., who also ordered her to pay over $10 million in restitution.
Song pleaded guilty earlier this year to conspiracy to commit money laundering and has been held in custody since October 2024. According to court documents, between December 2022 and October 2024, Song helped launder millions gained through scams where criminals posed as government officials, law enforcement, or computer support representatives. These schemes often targeted older adults, convincing them to transfer large sums—sometimes their entire savings—to U.S.-based accounts controlled by Song and others.
Initially, Song laundered funds through her own accounts. In one instance in December 2022, victims wired at least $170,850 into an account linked to her business SW Prosperity Real Estate Development LLC; the money was quickly withdrawn and sent overseas.
She later managed a group of at least 15 other money launderers and oversaw the opening of dozens of business bank accounts used to receive fraudulent payments. Once funds arrived, she instructed associates on how much to keep—typically a five to ten percent cut—before sending the rest abroad, mainly to China and Hong Kong.
To avoid detection by banks monitoring suspicious activity, Song gave detailed instructions on how to deceive financial institutions about the transfers’ purpose. She provided cover stories and fake identification information for these transactions. When banks froze certain accounts due to suspected fraud, Song directed her network to use new accounts and additional co-conspirators.
Song admitted she knew the funds came from criminal activity and warned others involved that the money was not legitimate.
In total, authorities say Song’s group laundered nearly $11.7 million from around 180 victims nationwide. Financial institutions managed to freeze or recover approximately $2.7 million of those funds.
Prosecutors described the impact on victims: “The harm these crimes caused the victims cannot be understated,” they wrote in a sentencing memorandum. “Some lost their entire life savings, others continue to experience shame, regret, and depression. Many dreamed to enjoy their golden years of retirement but are now confronted with the harsh realities of lost savings and shattered dreams. Many have had to materially change their standard of living and most will never financially recover from these life-changing financial losses given their age.”
The case was investigated by IRS Criminal Investigation and Homeland Security Investigations. Assistant United States Attorney Andrew M. Roach prosecuted it.
Support is available for people aged 60 or older who have experienced financial fraud through the National Elder Fraud Hotline (1-833-372-8311), which provides personalized help in reporting such crimes and finding resources for recovery.
Further information about efforts against elder fraud can be found at www.justice.gov/elderjustice.
