Sugar Land man indicted for fraudulently obtaining, laundering thousands of dollars in crypto scheme
Dan Kitwood, Staff / TNS
A Sugar Land man was indicted Friday for fraudulently obtaining and laundering hundreds of thousands of dollars through athat funded an affluent lifestyle, including luxury purchases and two brand new vehicles. Xiaofei Chen, 36, was arrested on the 10-count indictment after allegedly using a sham power of attorney to access an individual's checking account. Chen is accused of arranging for $520,000 to be fraudulently wired out of the victim's account, FBI officials said.Chen converted the stolen proceeds into Bitcoin before moving it across multiple cryptocurrency exchanges to cover up his scheme, court documents state.
Chen is charged with multiple counts of wire fraud, money laundering, engaging in monetary transactions in property derived from specified unlawful activity and aggravated identify theft, according to the U.S. Attorney's Office. If convicted, Chen could face between 10 and 30 years for the charges. Each count of aggravated identity theft carries a mandatory two years which must be served consecutively to any other sentence enforced.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Dairy Queen debuts Frosted Sugar Cookie Blizzard and brings back a minty favoriteDairy Queen announced it is releasing two holiday-inspired treats, the Frosted Sugar Cookie Blizzard and the Candy Cane Chill Blizzard, for the month of December.
Read more »
Ava DuVernay’s Poetic ‘Queen Sugar’ Series Finale Emphasizes the Everlasting Nature of FamilyAfter seven seasons, the Bordelon family’s journey came to an end. “Queen Sugar” signed off on Tuesday night with a poetic series finale centered around the importance of family —…
Read more »
Easy Sugar Cookie IcingNow you’re ready for cookie decorating season.
Read more »
Sugar Land dad hopes to save lives after losing daughters in house fire during February 2021 freezeThis father is turning his pain into purpose and started a foundation in his children's memory to save families in home fires across the Houston area.
Read more »
Sugar Land dad hopes to save lives after losing children in house fire during February 2021 freezeThis father is turning his pain into purpose and started a foundation in his children's memory to save families in home fires across the Houston area.
Read more »