Man Faces 20-Year Prison Sentence in Crypto Money Laundering Case

A Rhode Island resident has pleaded guilty to money laundering conspiracy linked to an international drug trafficking ring. The operation laundered over $25 million using cryptocurrency, with Villa directly involved in converting cash into crypto. Villa faces up to 20 years in prison and a significant fine.

Rhode Island Man Pleads Guilty in $25 Million Cryptocurrency Laundering Case

The U.S. Attorney’s Office for the District of Massachusetts announced on Wednesday that Agustin Villa, a Rhode Island resident, pleaded guilty to conspiracy to commit money laundering involving cryptocurrency in connection with an international drug trafficking operation.

Villa, 61, served as a courier for a sophisticated criminal organization led by Jin Hua Zhang, based in Staten Island, New York. This network, which came to light in Boston in 2021, laundered over $25 million in drug proceeds and illicit business funds. The announcement explains that on May 26, 2022, Villa delivered over $75,000 in cash to a cooperating witness, adding:

Those funds were converted to tether, a type of cryptocurrency, and transferred to Zhang, the organization’s leader, minus a fee.

“Funds were traced from the Zhang organization to Hong Kong and elsewhere in China, India, Cambodia, and Brazil, among other locations, and seized cash and cryptocurrency in accounts tied to Zhang at the conclusion of this investigation,” the announcement notes.

The investigation ultimately resulted in the seizure of cash and cryptocurrency from accounts tied to Zhang’s organization.

Villa faces significant legal consequences, as noted by the Attorney’s Office:

The charge of money laundering conspiracy provides for 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.

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