⏱ 2 min read
Fangzheng Wang, 25, and Cynthia Jia Sun, 25, pleaded guilty in federal court in Rhode Island for their roles in a transnational fraud and money laundering scheme targeting elderly victims in the US and Canada. The scheme involved pop-up messages and phone calls claiming the victims’ financial accounts were compromised, with the goal of stealing their assets. The defendants, along with other members of the conspiracy, used fake identities and posed as representatives of financial institutions and government agencies to convince victims to transfer their funds or provide cash and gold bars to purported government couriers.
The scam relied on a series of calls, with victims being connected to different individuals who claimed to be able to assist them in protecting their assets. Some victims were told to transfer their funds via wire transfers and cryptocurrency into accounts controlled by the conspiracy members, while others were directed to withdraw cash or purchase gold bars and provide them to the couriers.
The defendants’ guilty pleas come as a result of a thorough investigation, and they are now facing sentencing on July 8, 2026. The sentences will be determined by a federal district judge after consideration of the US Sentencing Guidelines and other statutory factors.
The case highlights the importance of vigilance and caution when dealing with unsolicited calls or messages, particularly for elderly individuals who may be more vulnerable to such scams. It also underscores the need for law enforcement agencies to continue working together to combat transnational fraud schemes and protect victims.
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📋 Key Facts
- Crime: Fraud & Financial Crimes
- Defendant: Rhode Island
- Location: RI
- Source: DOJ Press Release
