Massachusetts man pleaded guilty in money laundering ring

BOSTON (WWLP) – A man from Quincy pleaded guilty to his role in an international money laundering and drug trafficking organization.

During the investigation, Jin Hua Zhang led a sophisticated international money laundering and drug trafficking organization. For a fee, Zhang laundered bulk cash for drug dealers and laundered profits from other illegal businesses.

Law enforcement became aware of Zhang and his organization through Licheng Huang. In recorded conversations, Huang told undercover agents that his “boss,” Zhang, had large amounts of drug proceeds to launder. Huang and Zhang moved to convert the funds into cryptocurrency.

On two occasions in August 2021, Huang worked with other co-conspirators to deliver over $60,000 in cash to the undercover agents. Those funds were converted to Tether, a type of cryptocurrency, and transferred to Zhang, who would take his fee.

The funds were traced from the Zhang organization to Hong Kong and elsewhere in China, India, Cambodia and Brazil, among other locations. Zhang and his organization laundered at least $25 million worth of drug proceeds and funds from other illegal businesses through undercover agents in less than a year. The cash and cryptocurrency in accounts tied to Zhang were seized after the investigation.

In May 2023, Huang was among 12 individuals from Massachusetts, Rhode Island, New York, and California charged in a superseding indictment for their alleged involvement.

Huang pleaded guilty on Tuesday to conspiracy to commit money laundering. He is scheduled to be sentenced on October 31st and faces up to 20 years in prison, up to three years of supervised release, and a fine of up to $500,000, or twice the amount involved, whichever is greater. Zhang pleaded guilty and is scheduled to be sentenced on September 4th.

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