Evan Tangeman, 22, of Newport Beach, California, was sentenced on Apr. 24 in U.S. District Court to 70 months in prison for laundering millions of dollars generated by a social engineering scheme that stole more than $263 million in cryptocurrency. The announcement was made by U.S. Attorney Jeanine Ferris Pirro.
The case highlights the scale and sophistication of recent cybercrime operations involving virtual currencies and their impact on victims nationwide.
According to Pirro, "This criminal enterprise was built on greed so brazen it borders on the cartoonish. They stole millions, spent it on half-million-dollar nightclub tabs, Lamborghinis, and Rolexes." She continued: "But Evan Tangeman didn't just launder the money that fueled that lifestyle. When his co-conspirators were arrested, he moved to destroy the evidence. That is consciousness of guilt, and this office and the court have treated that accordingly."
Tangeman pleaded guilty on Dec. 8, 2025 to participating in a racketeering conspiracy before U.S. District Court Judge Colleen Kollar-Kotelly and admitted helping launder at least $3.5 million for members of the enterprise—making him the ninth individual to plead guilty as part of this investigation. In addition to his prison sentence, he was ordered to serve three years of supervised release.
The criminal operation began no later than October 2023 and involved individuals from several states including California, Connecticut, New York, Florida as well as international participants who met through online gaming platforms. Tangeman acted as a money launderer within a group that included hackers and burglars targeting hardware virtual currency wallets.
Prosecutors said Tangeman converted stolen cryptocurrency into cash and worked with real estate agents in Los Angeles to procure luxury homes for members who often had no legitimate income sources but rented properties valued up to nearly $9 million each month at rates between $40,000 and $80,000 per month.
When law enforcement searched Tangeman’s residence they seized vehicles including a Rolls Royce Ghost valued at over $300,000 and a Porsche GT3 RS; he also received exotic cars such as a Lamborghini Urus from co-defendants as compensation for his work.
The case was investigated by multiple agencies including the FBI’s Washington Field Office; IRS-Criminal Investigation Washington D.C.; FBI offices in Los Angeles and Miami; United States Attorney’s Offices across several districts; prosecuted by Assistant U.S. Attorney Will Hart with assistance from former Assistant U.S. Attorney Kevin Rosenberg.
