Suburban man indicted for complex fraud and crypto money laundering scheme

Dec 2, 2022 · Sourced to the U.S. Department of Justice

The charges described here are allegations. The defendant(s) are presumed innocent unless and until proven guilty in a court of law. This page reflects only what the Department of Justice has publicly announced, and links to the original release.

A 36-year-old Sugar Land resident has been taken into custody on charges he fraudulently obtained and laundered more than $500,000

District

Southern Texas

Announced

Dec 2, 2022

Status

Charged

Defendants

Xiaofei Chen — age 36 · Sugar Land, Texas · indicted

Charges

Wire fraud
Max: 30 years in prisonXiaofei Chen· indicted
Money laundering
Max: 20 years in prisonXiaofei Chen· indicted
Engaging in monetary transactions in property derived from specified unlawful activity
Max: 10 years in prisonXiaofei Chen· indicted
Aggravated identity theft
Max: mandatory two years consecutive to any other sentenceXiaofei Chen· indicted

Financial actions

fraud: more than $500,000 — Fraudulently obtained and laundered funds
fraud: $520,000 — Funds fraudulently wired out of victim's checking account using a fraudulent power of attorney
money laundering — Converted fraud proceeds into Bitcoin and moved across multiple cryptocurrency exchanges to conceal scheme

Investigating agencies

Federal Bureau of Investigation

Case details

Prosecuting office: Southern District of Texas
Judge: Yvonne Y. Ho, U.S. Magistrate Judge
Assets: Bitcoin

Aggravated Identity TheftCryptocurrency Money LaunderingFinancial Fraud And Illicit EnrichmentMoney LaunderingWire Fraud

Primary source

Every fact above is drawn from the Department of Justice's own announcement — a public-domain government record.

Read the original DOJ release →

This is a research and reference page compiled from public DOJ announcements, not legal advice. Details reflect the government's statements as of its release date and may not capture later developments such as appeals, dismissals, or overturned convictions. Defendants are presumed innocent unless and until proven guilty.