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Defendants Addicted to Laundering Cash from Chinese Investors
SACRAMENTO, CALIFORNIA – In a disturbing case of international marijuana money laundering, six defendants face up to 20 years in prison and fines of up to $500,000 or twice the value of the funds involved.
According to the charging documents, the defendants conspired with each other and others to wire transfer approximately $870,000 from China to buy six houses for growing marijuana or to pay off the lenders in order to continue growing marijuana in the house.
Charged with money laundering are Xiu Ping Li, 42 of New Jersey, Xiu Ru Li, 46, of Sacramento, Dao Zhong Wei, 50, of Sacramento, Shui Ping Zheng, 56, of Michigan, and Texas residents Kong Liang Li, 53, and You An Li, 53.
This case is the product of an investigation by IRS Criminal Investigation, Federal Bureau of Investigation, the Drug Enforcement Administration, and Homeland Security Investigations. Assistant U.S. Attorney Roger Yang is prosecuting the case.
The indictment alleges that the defendants used money from Chinese investors to buy houses in Sacramento and Placer Counties to grow marijuana, and then laundered the proceeds through a complex web of transactions.
While the defendants are presumed innocent until proven guilty, the charges are serious and carry significant penalties. If convicted, the defendants face up to 20 years in prison and fines of up to $500,000 or twice the value of the funds involved.
Assistant U.S. Attorney Roger Yang praised the investigative efforts of the agencies involved, saying "This case highlights the importance of international cooperation in combating complex financial crimes."
The case is a reminder that marijuana money laundering is a serious offense that can have far-reaching consequences.
The indictment is a significant development in the ongoing effort to combat marijuana-related crimes in California.
Key Facts
- State: California
- Category: Drug Trafficking|Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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