Three people, including two Chinese citizens, were arrested Tuesday for allegedly using a shell company to wash over $13 million in an investment scam called the “pork shop.”
Minzie Lee, 24, aka “Zheng Lin” and Zeyue Jia (23, aka “Jiao Jiao Liu”, both in downtown Los Angeles. The US Department of Justice states that Jun Shee, 55, of San Gabriel, said on Tuesday. In the afternoon, she first appeared in U.S. District Court in Santa Ana, she said in a news release.
Mingzhi Li, 24, aka “Zheng Lin,” is shown in an undated photograph provided by the US Department of Justice. Zeyue Jia, 23, aka “Jiao Jiao Liu,” is shown in an undated photograph provided by the US Department of Justice.
According to FDIC, fraud is “a thief who is gradually being invited to make a seemingly healthy investment by gradually making financial contributions, generally in the form of cryptocurrency. Includes:
In this case, SHI established the company Magic Location Trading LLC and Stone Water Trading LLC in 2022, and filed accusations as “money services business formed to transfer funds to other entities on behalf of third-party customers.” “They were never registered with the Financial Crime Enforcement Network or the State of California, as required under federal law, but prosecutors said.
The bank account, established by Li and Jia, “received funds from victims of investment fraud” through dozens of wire transfers.
Prosecutors said the trio subsequently transferred money to other accounts or overseas, sent it to individuals, and used it for personal expenses. Web or mobile apps.
“When funds are sent to accounts controlled by fraudsters, investment platforms often mistakenly show a big profit on the investment, and victims are induced to send more money for additional investments,” the release said. I stated.
But the money was gone.
DOJ provided the example of a 72-year-old man from Minnesota, and the following month he “invested” into a digital platform called Enkuu by sending $75,000, $75,000 and $250,000 for a magical deal.
“He was unable to withdraw the money from ‘Enku’ later,” the prosecutor said.
Li and Jia are Chinese citizens who came to the US on a currently expired student visa and are jailed without bail. Shi was released on a $20,000 bond.
Each faces accusations of running an unlicensed money transfer business that poses the largest five-year fine in federal prison.
The arrest is scheduled for March 17th.
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