A Quincy man pleaded guilty today to his involvement in a sophisticated international money laundering and drug trafficking organization.
Licheng Huang, 41, pleaded guilty to conspiracy to commit money laundering. U.S. District Judge Angel Kelley scheduled sentencing for October 31, 2024.
In May 2023, Huang was among 12 individuals from Massachusetts, Rhode Island, New York and California charged in a superseding indictment for their alleged involvement in a sophisticated international money laundering and drug trafficking organization led by Jin Hua Zhang.
The investigation revealed that, for a fee, Zhang laundered bulk cash for drug dealers and laundered profits from other illegal businesses. In less than one year, Zhang and his organization laundered at least $25 million worth of drug proceeds and funds from other illegal businesses through undercover agents.
Law enforcement became aware of Zhang and his organisation through Huang. In recorded conversations, Huang told undercover agents that his “boss,” Zhang, had large amounts of drug proceeds to launder. Huang and Zhang moved to convert the funds into cryptocurrency, which could be more easily transmitted to China or elsewhere without law enforcement detection.
On two occasions in August 2021, Huang worked with other co-conspirators to deliver over $60,000 in cash to the undercover agents. Those funds were converted to Tether, a type of cryptocurrency, and transferred to Zhang, who would take his fee.
Law enforcement eventually traced funds from the Zhang organization to Hong Kong and elsewhere in China, India, Cambodia and Brazil, among other locations, and seized cash and cryptocurrency in accounts tied to Zhang after the investigation.
Zhang pleaded guilty in September 2023 and is scheduled to be sentenced on September 4, 2024.
The money laundering conspiracy charge 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.
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