$1Billion Fraud: Yvette Wang Pleads Guilty to Wire Fraud and Money Laundering

A 45-year-old New York resident has been brought to justice after pleading guilty to a $1 billion wire fraud and money laundering conspiracy.

Yvette Wang, 45, of New York, New York, pled guilty to one count of conspiracy to commit wire fraud and one count of conspiracy to commit money laundering, which together carry a maximum term of 10 years in prison.

According to U.S. Attorney Damian Williams, Wang played a leadership role in a complex scheme to defraud thousands of innocent victims located throughout the country and the world. Through false promises and lies, this scheme collected over $1 billion from its victims.

‘Wang inflicted pain and loss on so many, and she will now be held to account for the harm she and others caused,’ said U.S. Attorney Damian Williams.

Wang agreed to pay restitution of $1,400,000,000 and to forfeit $1,400,000,000 to the United States as part of her guilty plea.

The case is being handled by the Office’s Complex Frauds and Cybercrime Unit. Assistant U.S. Attorneys Micah F. Fergenson, Ryan B. Finkel, Justin Horton, and Juliana N. Murray are in charge of the prosecution.

Wang will be sentenced on September 10, 2024, at 11:00 a.m. by U.S. District Judge Analisa Torres.