A former Bank of America employee is facing serious time for his role in a massive international money laundering operation.
Inside Job Fuels Criminal Enterprise
Rongjian Li, a former Bank of America employee, pleaded guilty to helping a criminal organization, led by Jin Hua Zhang, launder millions of dollars. Li, employed at the bank from 2021 to 2022, used his position to open multiple accounts for Zhang’s group. Some of these accounts were even opened using forged passports.
When the bank’s systems flagged suspicious activity and froze accounts, Li helped Zhang bypass the bank’s anti-money laundering safeguards, moving the illicit funds to other locations. Things got even more blatant when Li was spotted having dinner with Zhang in New York, where Zhang openly discussed his fee structure for laundering money from drug trafficking and other scams.
Millions Laundered in Months
Zhang’s organization is accused of laundering tens of millions of dollars in a short period. According to the Department of Justice (DOJ), Zhang’s operation took in cash from drug dealers and other illegal businesses, cleaning at least $25 million in less than a year through undercover operations alone.
Li Faces Decades in Prison
Li’s guilty plea to conspiracy to commit money laundering carries a hefty penalty: up to 20 years in prison, three years of supervised release, and a fine of up to $500,000 (or double the amount of money laundered, whichever is greater).
