The U.S. Department of Justice recently announced that Daren Li, a dual citizen of China and St. Kitts and Nevis and resident of China, Cambodia, and the United Arab Emirates, pleaded guilty in the Central District of California to one count of money laundering conspiracy for laundering millions of dollars in proceeds derived from cryptocurrency investment scams. According to the DOJ, Li committed the offense while outside of the United States but was arrested at the Hartsfield-Jackson Atlanta International Airport on April 12, 2024 before he was transported to California for his role in the crime. He is currently scheduled to be sentenced on March 3, 2025.
According to court documents and Li’s own admissions, he conspired with others to launder funds obtained from victims of cryptocurrency scams. He and his co-conspirators allegedly opened U.S. bank accounts on behalf of shell companies that were used to receive victims’ funds, monitor their conversion to virtual currency, and then distribute the converted currency to cryptocurrency wallets controlled by Li and hi co-conspirators. Li also admitted to depositing approximately $73 million in victim funds into the accounts, including at least $59.8 million deposited from U.S. shell companies that laundered the proceeds.
DOJ Press Release | Plea Agreement – Daren Li | Complaint 20240408