A judge has sentenced a dual citizen of China and St. Kitts and Nevis to 20 years in prison for his role in a crypto fraud that defrauded Americans of $73 million.
The US Department of Justice says 42-year-old Daren Li stays on the run after cutting off his electronic monitoring device on his ankle and fleeing in December.
Nevertheless, a judge convicted him in absentia for his role in the scam from Cambodia.
Li pleaded guilty in November 2024 to conspiring with others to launder money obtained from victims through the crypto scheme.
The scammers contacted the victims through unsolicited interactions on social media, phone calls and online dating services. Once they gained their trust, the scammers convinced victims to commit funds to domains and websites they set up to resemble legitimate crypto trading platforms.
Of the $73.6 million stolen, approximately $59.8 million was laundered through US shell companies. Li, who monitored the flow of the stolen money, admitted that he instructed his fellow scammers to open U.S. bank accounts so that the shell companies could receive and transfer the ill-gotten gains, which were eventually converted into cryptocurrencies.
Li is the first defendant convicted who directly received the stolen money, while eight co-conspirators have pleaded guilty so far.
Assistant Attorney General A. Tysen Duva says the DOJ “will work with our law enforcement partners around the world to ensure that Li is returned to the United States to serve his full sentence.”
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