Former Bank of America employee's confession to aiding criminal syndicate in money laundering scheme.
The U.S. Department of Justice announced that a former Bank of America employee named Rongjian Li confessed to participating in an international money laundering conspiracy. From 2021 to 2022, Li used his position at the bank to assist a criminal organization led by Jin Hua Zhang in circumventing anti-money laundering protocols. This group laundered at least $25 million from drug trafficking and other illegal activities through bank accounts opened with forged passports. By admitting to his crime, Li faces a maximum sentence of 20 years in prison and a fine of up to $500,000.
