Three men have been charged with conspiracy to launder monetary instruments related to multiple business email compromise fraud schemes targeting companies across the United States, according to a July 16 indictment unsealed in Concord. Bill Ying Li, 51, Bing Xun Gong, 56, and Sabir Magdeev, 33, were indicted by a federal grand jury and face one count each of conspiracy to launder monetary instruments.
Li appeared in federal court in California and is scheduled for an initial appearance in New Hampshire on July 29. Gong appeared in Illinois federal court and will also appear in New Hampshire on the same date. Magdeev is currently awaiting extradition from Cyprus.
According to charging documents and public records, the defendants allegedly conspired to launder proceeds from wire-fraud schemes that targeted compromised business email accounts. These accounts were used to alter bank payment information so that legitimate payments would be diverted into various bank accounts, shell entities, and cryptocurrency wallets controlled by the defendants. The documents allege that starting in late 2022, portions of these illicit proceeds were routed through Market Shark LLC—a company registered with the New Hampshire Secretary of State—which was used as an additional vehicle for receiving and transferring laundered funds. The indictment alleges more than $3 million was involved.
The charge carries a maximum prison term of 20 years. Sentences are determined by a federal district court judge based on U.S. Sentencing Guidelines and relevant statutes governing criminal sentencing.
The indictment notes: “The details contained in the indictment are allegations. The defendant is presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.” The Federal Bureau of Investigation leads the investigation, while Assistant U.S. Attorneys John J. Kennedy and Yasir Sadat are prosecuting.
This action forms part of Operation Riptide—an ongoing FBI campaign aimed at combating cybercrime infrastructure and financial networks behind cyber-enabled crimes against Americans—including fraud losses exceeding $20 billion last year with a single-year increase of 26 percent.
The U.S. Attorney’s Office for the District of New Hampshire enhances community well-being by enforcing federal laws; it operates under direction from the United States Attorney General; handles prosecutions of federal crimes as well as civil cases involving government interests; serves through representation at federal courts; builds alliances with law enforcement agencies at all levels; and functions as a federal law enforcement entity, according to its official website.