Two individuals have pleaded guilty in federal court in Rhode Island for their roles in a transnational fraud and money laundering scheme that targeted elderly victims in the United States and Canada, United States Attorney Charles C. Calenda announced on April 1.
The case highlights ongoing concerns about financial crimes directed at vulnerable populations, particularly the elderly, who are often targeted by sophisticated scams. According to prosecutors, these schemes can result in significant financial losses and emotional distress for victims.
Fangzheng Wang, 25, of Westborough, Massachusetts—a Chinese national—and Cynthia Jia Sun, 25, of Houston, Texas—a naturalized U.S. citizen born in China—pleaded guilty to conspiracy to commit wire fraud. Both are scheduled for sentencing on July 8. The sentences will be determined by a federal district judge after considering the U.S. Sentencing Guidelines and other statutory factors.
According to court documents, Wang and Sun were part of a group that used pop-up messages and phone calls claiming victims’ financial accounts had been compromised or were at risk. Victims were instructed to contact a “live agent,” who then falsely claimed they could help protect their assets. During subsequent calls, victims spoke with people pretending to be representatives from institutions such as the Federal Trade Commission or Federal Reserve Bank—who were actually members of the conspiracy.
Some victims were told to transfer funds via wire transfers or cryptocurrency into accounts controlled by the conspirators; others were instructed to withdraw cash or purchase gold bars with withdrawn cash and hand them over to someone posing as a government courier for supposed safekeeping until their account issues were resolved.
Wang and Sun coordinated with co-defendants to pick up cash and gold from victims’ homes before transferring those assets further within the group. At indictment time, law enforcement had identified around 300 individuals across at least 37 states—including several in Rhode Island—who had been defrauded. Known losses exceed $5 million so far; investigators also found about $16 million more suspected fraudulent funds laundered through one bank account.
The charge carries a maximum penalty of twenty years imprisonment plus supervised release and fines up to $250,000. Assistant United States Attorney Denise M. Barton is prosecuting this case.
Homeland Security Investigations Providence and Internal Revenue Service – Criminal Investigation led the investigation as part of Rhode Island Homeland Security Task Force (HSTF), which targets major drug traffickers, money launderers, gangs, and transnational criminal organizations through intelligence-driven operations.
This prosecution falls under Operation Take Back America—a nationwide initiative aiming to eliminate cartels and transnational criminal organizations while protecting communities from violent crime.
