https://hoodline.com/2024/07/quincy-man-pleads-guilty-to-international-money-laundering-conspiracy-faces-20-year-max-sentence/

A Quincy man has formally admitted his role in what authorities describe as a high-stakes international money laundering syndicate intertwined with drug trafficking enterprises. Licheng Huang, 41, entered his guilty plea to a charge of conspiracy to commit money laundering, with a sentencing date set for October 31, 2024, according to the U.S. Attorney's Office.

The case cracked open when Huang revealed to undercover agents that his superior, Jin Hua Zhang, was looking to quietly convert very large sums of drug money. An elaborate web was uncovered by law enforcers, which detailed how Zhang's organization moved to swiftly transform illicit funds into cryptocurrencies. This was part of a scheme to transport the money out of the country without raising the suspicions of the authorities. On two occasions back in August 2021, Huang had even worked closely with accomplices to hand over more than $60,000 in cash to these agents.

Once in the form of Tether, a cryptocurrency, the cash could be sent to Zhang and associates across borders to various global destinations including China, India, and Brazil. These international maneuvers were monitored and later interrupted by law enforcement, leading to seizures of both cash and cryptocurrency assets linked to the group. Zhang, the purported head of the ring, pleaded guilty to his role last September and awaits sentencing on September 4, 2024.

Charges in this elaborate conspiracy ring in at a potential 20-year maximum prison term, up to three years of supervised release, and fines which could amount to $500,000 or double the illicit sum involved—whichever figure proves to be larger. While the investigation, led by the FBI's Boston Division, has brought down key figures, it remains ongoing. Acting United States Attorney Joshua S. Levy duly noted the gravity of the situation, and Assistant U.S. Attorneys Christopher Pohl, Brian A. Fogerty and Meghan C. Cleary were all identified as the officials prosecuting the case.

The legal proceedings thus far have firmly established the guilt of Huang and Zhang, but it is crucial to remember that other accused individuals maintain their presumption of innocence until potentially proven otherwise. The content of the indictment remains an allegation until such time as guilt can be established in the court of law beyond a reasonable doubt.