Da Ying Sze, of Queens, New York, has pleaded guilty to coordinating a $653.3 million money laundering conspiracy, running an unlicensed money transmitting business, and bribing bank employees to evade reporting of suspicious financial transactions.
During 2016-21, Sze laundered illicit cash proceeds of over $653.3 million. Sze deposited the illicit cash into financial institutions in New York, New Jersey, Pennsylvania, etc. He specifically used bank accounts in the names of shell companies and conspirators. Sze then further attempted to conceal the source of the illegal cash in many ways, including by wiring the money to thousands of individuals and entities in the US, China, Hong Kong, etc. In return, Sze received 1-2% of the laundered money.
Additionally, in 2020-21, Sze gave gift cards and other gifts worth $57,000 to employees of a financial institution to appease them into avoiding the reporting of his suspicious transactions. Indeed, Sze earned millions of dollars in profit from these financial transactions.
Source: US Department of Justice