BOSTON – A Quincy man pleaded guilty Tuesday to participating in a sophisticated international money laundering and drug trafficking organization, the U.S. attorney’s office said.
Licheng Huang, 41, pleaded guilty in Boston federal court to conspiracy to commit money laundering.
In May 2023, Huang was among 12 people from Massachusetts, Rhode Island, New York and California charged in a superseding indictment for their alleged involvement in a money laundering and drug trafficking organization led by Jin Hua Zhang, of Staten Island, New York.
“The investigation revealed that, for a fee, Zhang laundered bulk cash for drug dealers and laundered profits from other illegal businesses,” prosecutors said in a news release. “In less than one year, Zhang and his organization laundered at least $25 million worth of drug proceeds and funds from other illegal businesses through undercover agents.”
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Law enforcement became aware of Zhang and his organization through Huang. In recorded conversations, Huang told undercover agents that his “boss,” Zhang, had large amounts of drug proceeds to launder, prosecutors said.
“Huang and Zhang moved to convert the money into cryptocurrency, which could be more easily transmitted to China or elsewhere without being detected by law enforcement,” prosecutors said in Tuesday’s news release.
Twice in August 2021, Huang worked with other co-conspirators to deliver more than $60,000 in cash to the undercover agents. The money was converted to Tether, a type of cryptocurrency, and transferred to Zhang, who took his fee, prosecutors said.
Authorities traced money from the Zhang organization to China, India, Cambodia and Brazil, among other locations, and seized cash and cryptocurrency in accounts tied to Zhang.
Zhang pleaded guilty in September 2023 and is scheduled to be sentenced Sept. 4.
U.S. District Court Judge Angel Kelley scheduled Huang’s sentencing for Oct. 31.
The charge of money laundering conspiracy carries a sentence of 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.
