TYLER, Texas — A 29-year-old Chinese national, Fei Liao, of San Gabriel, California, has been indicted for allegedly participating in a scheme to launder millions of dollars from cryptocurrency investment scams and other fraudulent schemes in the Eastern District of Texas, according to U.S. Attorney Damien M. Diggs.
Liao was taken into federal custody on May 3, 2024. He pleaded not guilty to charges of conspiracy to commit wire fraud and conspiracy to commit money laundering on May 20, 2024. The indictment alleges that Liao and his accomplices used shell companies and bank accounts to launder proceeds from cryptocurrency investment scams, also known as “pig butchering”, and other fraudulent schemes. The laundered funds were then transferred to both domestic and international financial institutions. If convicted, each charge carries a maximum statutory sentence of 20 years in federal prison.
