tl;dr
A former Bank of America employee, Rongjian Li, has pleaded guilty to participating in a global money laundering conspiracy that assisted drug traffickers and other illegal businesses. Li used his position at the bank to help a criminal organization open accounts and evade anti-money laundering prot...
A former Bank of America employee, Rongjian Li, has pleaded guilty to participating in a global money laundering conspiracy that assisted drug traffickers and other illegal businesses. Li used his position at the bank to help a criminal organization open accounts and evade anti-money laundering protocols. The organization, led by Jin Hua Zhang, is believed to have laundered millions of dollars. Li faces a potential prison sentence of up to 20 years and a substantial fine for his involvement.
A Bank of America insider is pleading guilty to boosting a global money laundering conspiracy that aided drug traffickers and other illegal businesses, according to the U.S. Department of Justice (DOJ). The DOJ says former Bank of America employee Rongjian Li was a member of a money laundering and drug trafficking outfit headed by Jin Hua Zhang. According to prosecutors, Li used his position at the bank from 2021 through 2022 to help the criminal organization open several accounts. Zhang’s organization then used the BofA accounts, some of which were registered using forged passports, to launder illicit funds.
“As part of his involvement, when the bank’s financial auditing systems flagged or froze accounts for suspicious activity, Li helped Zhang circumvent the bank’s anti-money laundering protocols and move illicit funds elsewhere. In addition, Li was observed sitting next to Zhang at a dinner in New York, where Zhang discussed the different fee percentages he charged various criminal groups for drug trafficking and scams.” Zhang’s organization is believed to have laundered millions of dollars in a span of months, according to the DOJ.
“The investigation revealed that, for a fee, Zhang laundered bulk cash for drug dealers and laundered profits from other illegal businesses. In less than a year, Zhang and his organization laundered at least $25 million worth of drug proceeds and funds from other illegal businesses through undercover agents.” Li has pleaded guilty to the charge of conspiracy to commit money laundering. He faces a monetary fine and a prison sentence. “The charge of money laundering conspiracy provides for a sentence of up to 20 years in prison, up to three years of supervised release and a fine of up to $500,000, or twice the amount involved, whichever is greater.”