A 37-year-old man has been sentenced for aggravated identity theft in connection with a scheme to fraudulently obtain and launder more than $500,000, announced U.S. Attorney Alamdar S. Hamdani.
Xiaofei Chen pleaded guilty Oct. 12, 2023.
U.S. District Judge Alfred H. Bennett has now ordered Chen to serve 24 months in federal prison to be immediately followed by one year of supervised release. At the hearing, Chen apologized for his criminal conduct and told the court he regretted his actions.
“The emergence of cryptocurrency has revolutionized finance, but has also provided a new playground for identity theft and financial fraud,” said Hamdani. “Whether the stolen money is counted in dollars or bitcoins, the Southern District’s prosecutors will aggressively prosecute identity thieves and fraudsters and not rest until the offenders are behind bars.”
Chen had obtained the name, driver’s license and banking account of a known victim. Chen then arranged a fraudulent wire of $520,000 from that person’s checking account and opened a Bitstamp cryptocurrency exchange account using the victim’s information without consent.
Bitstamp is an online currency exchange where individuals can convert monies into Bitcoin and other cryptocurrency. It is based in Luxembourg and headquartered in London, United Kingdom and endorsed by the World Economic Forum.
Chen used the Bitstamp and other cryptocurrency accounts to convert the proceeds into Bitcoin. He then laundered the Bitcoin through numerous transactions.
He was permitted to remain on bond and voluntarily surrender to a U.S. Bureau of Prisons facility to be determined in the near future.
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Clever Journeys 
And sometimes, people really change…. not too long ago, I discovered Dog the Bounty Hunter ( I know, I’m a little behind) Love watching how he would talk to people headed downhill and turn them around with truth and love.
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I used to watch him too. I quit watching TV some years ago (my life is less stressful and far better for it) so I’m not sure if Dog TBH is still on our not. I’m WAY behind when it comes to television.
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He’s not on his program anymore; his lovely wife died, he went into a terrible depression, and God hooked him up with a lady named Francie (neither one were looking for anyone) and they are married and going around the country attending events like ReAwaken America, and doing great stuff. That’s how I found out about him.
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Good to hear. Beth was his wife’s name if I recall.
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