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Jingliang Su received a 46-month prison sentence for his involvement in a $36.9 million cryptocurrency scam that defrauded 174 Americans. The operation, based in Cambodia, used fake investment schemes and laundered money through US shell companies. Along with his sentence, Su must repay nearly $27 million to the victims.
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A Chinese national named Jingliang Su has been sentenced to 46 months in prison for his involvement in a $36.9 million cryptocurrency scam that primarily targeted Americans. The scheme, which defrauded 174 individuals, unfolded from scam centers in Cambodia. Victims were lured through unsolicited phone calls, text messages, and online dating services, where the scammers built relationships to gain trust. Once they had established a bond, they persuaded victims to invest in fake cryptocurrency opportunities, using counterfeit trading platforms to create the illusion of successful investments.
The operation involved sophisticated money laundering techniques. Victimsβ funds were funneled through US shell companies and international bank accounts, ultimately landing in a Deltec Bank account in the Bahamas. Su and his accomplices converted the stolen money into Tether, a stable digital currency, and then transferred it back to Cambodia, where the ringleaders of the scam operated. Eight others have already pleaded guilty in connection with this fraud, including ShengSheng He, who received a 51-month sentence, and Jose Somarriba, sentenced to 36 months.
Despite law enforcement's efforts to dismantle this network, the threat of similar scams persists. First Assistant US Attorney Bill Essayli cautioned potential investors to remain vigilant, as enticing investment opportunities often hide risks. The Department of Justice is urging anyone who suspects they have been targeted to report it through the Internet Crime Complaint Center at IC3.gov.
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