US Feds Arrest Three Men for Allegedly Duping Banks out of $10,000,000 and Funneling Cash to Crypto Exchanges - The Daily Hodl
Federal law enforcement authorities have arrested three men accused of scamming millions from US banks and financial institutions and then moving the stolen money into foreign cryptocurrency exchanges. ...
- Three men have been arrested for scamming millions from US banks and moving the stolen money into foreign cryptocurrency exchanges.
- Zhong Shi Gao, Naifeng Xu, and Fei Jiang recruited individuals to open bank accounts, took control of the accounts, and filed fraudulent reports claiming unauthorized transactions.
- The banks would temporarily credit the money, allowing the perpetrators to withdraw or convert it into cryptocurrency before the fraud was discovered.
- The scheme stole over $10 million from nearly a dozen US banks and financial institutions.
- The accused are facing charges of bank fraud conspiracy, wire fraud conspiracy, money laundering conspiracy, and aggravated identity theft.
The article describes a criminal scheme involving scamming banks and financial institutions, which has a negative sentiment.