Bank of America Insider Helps Criminals and Illicit Businesses Launder Funds in Massive Global Conspiracy: US Department of Justice

An insider from Financial institution of America argues responsible of stimulating a worldwide cash laundering economic system that helped drug merchants and different unlawful corporations, in accordance with the US Division of Justice (DOJ).

The DOJ says that the previous worker of the Financial institution of America Rongjian Li was a member of a cash laundering and drug trafficking – outfit led by Jin Hua Zhang.

In response to public prosecutors, Li used his place on the financial institution from 2021 to 2022 to assist the prison group open totally different accounts.

The group of Zhang then used the BOFA accounts, a few of which had been registered with the assistance of solid passports, to clean unlawful funds white.

“As a part of his involvement, when the financial institution’s monetary audit methods marked or freeze accounts for suspicious actions, Li Zhang helped the financial institution’s anti-money laundry protocols to bypass and transfer unlawful funds elsewhere.

As well as, Li was noticed along with Zhang throughout a dinner in New York, the place Zhang mentioned the varied reimbursement percentages that he charged numerous prison teams for drug trafficking and scams. “

The group of Zhang is meant to have washed hundreds of thousands of {dollars} over a interval of months, in accordance with the Doj.

“The research confirmed that Zhang washed bulk continues for drug sellers and revenue from different unlawful corporations for a charge. In lower than a 12 months, Zhang and his group have washed not less than $ 25 million in drug yields and funds from different unlawful corporations via undercover brokers. “

Li has discovered responsible of the accusation of conspiracy to conduct cash laundering. He’s confronted with a monetary high quality and a jail sentence.

“The accusation of cash laundering for cash laundering supplies for a jail sentence of a most of 20 years in jail, a most of three years accompanied launch and a high quality of a most of $ 500,000, or twice the quantity concerned, relying on what’s bigger.”

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