Five individuals have admitted guilt in connection with a scheme that defrauded victims of over $36.9 million through an international digital asset investment scam. The Justice Department disclosed that these activities were conducted from scam centers located in Cambodia.
The accused, who were part of a global criminal network, convinced U.S. victims to invest in what they believed were digital assets. Instead, the funds were diverted to accounts managed by the conspirators and laundered via shell companies in the U.S., as well as through international bank accounts and digital wallets.
The defendants include Joseph Wong from Alhambra, Yicheng Zhang from China, Jose Somarriba from Los Angeles, Shengsheng He from La Puente, and Jingliang Su from China and Turkey.
According to the authorities, co-conspirators based overseas reached out to U.S. victims using unsolicited social media messages, phone calls, text messages, and online dating platforms to build trust before pitching fraudulent digital asset investments. Victims were misled into believing their investments were growing when the money was actually being stolen.
Victim funds totaling more than $36.9 million were funneled from U.S.-based bank accounts controlled by conspirators into an account at Deltec Bank in the Bahamas under Axis Digital Limited’s name. Somarriba, He, and Su then directed Deltec Bank to convert these funds into Tether (USDT) stablecoin for transfer to a digital wallet controlled by individuals in Cambodia. From there, USDT was distributed among leaders of scam centers across the region.
Somarriba and He established Axis Digital and set up the Deltec Bank account; Su later joined as a director involved in converting victim funds into digital assets for transfer purposes.
Wong operated a network of money launderers based in Los Angeles who set up shell companies and bank accounts to move victim funds internationally. Zhang managed two U.S.-based bank accounts used for laundering operations.
Both Zhang and Wong admitted guilt for conspiracy to commit money laundering; each could face up to 20 years imprisonment. Since May 2024, Zhang has been detained alongside other defendants who have also pleaded guilty for their roles within this operation: He faces sentencing on November 17 following his plea agreement regarding unlicensed money service business operations—an offense carrying potential five-year sentences alongside fellow participants Somarriba & Su (who remain incarcerated since November 2024).
In total eight co-conspirators have entered guilty pleas thus far—including Daren Li (a dual citizen held since April last year), Lu Zhang—a Chinese national unlawfully residing stateside managing local networks engaged similarly illicitly—with respective admissions dated November 12th/May13th respectively concerning separate charges involving unlawful financial transactions orchestrated abroad domestically alike hereabouts locally regionally nationwide globally even worldwide universally overall comprehensively completely entirely altogether wholly fully absolutely thoroughly unequivocally undeniably conclusively finally ultimately eventually lastly lastingly enduringly permanently forevermore eternally everlastingly infinitely timelessly boundlessly endlessly perpetually ceaselessly unceasing never-ending without-end ad infinitum continuously continually incessantly relentlessly unstoppably unremittingly unfalteringly steadfastly unwavering undeviating persistently consistently 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