Ex-Bank Staffer Pleads Guilty to Facilitating Fraud and Drug Money Laundering

A former Bank of America employee has admitted to playing a role in an international money laundering network that funneled millions of dollars through fraudulent bank accounts, according to the U.S. Department of Justice (DOJ).

The scheme, led by Jin Hua Zhang, allegedly helped drug traffickers and other criminal enterprises move illicit funds across borders.

Rongjian Li, who worked at the bank between 2021 and 2022, exploited his position to assist Zhang’s operation in setting up multiple accounts.

Some of these were created using fake identification documents, allowing the organization to conceal the origins of illegal money. When the bank’s internal security systems flagged transactions as suspicious, Li reportedly intervened to keep the funds flowing, bypassing anti-money laundering safeguards.

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Authorities say Li’s involvement extended beyond financial assistance. He was seen alongside Zhang at a dinner in New York, where the alleged ringleader openly discussed the commission fees he charged different criminal groups for laundering drug money and fraudulent earnings.

Investigators estimate that Zhang’s network moved at least $25 million in illicit funds within a short period, with undercover agents uncovering large-scale cash laundering operations.

In exchange for his role in the scheme, Li now faces serious legal consequences. He has pleaded guilty to conspiracy to commit money laundering, a charge that carries a maximum sentence of 20 years in prison, along with financial penalties that could exceed $500,000.

Alexander Stefanov