Zheng Zhao, a Chinese national extradited from the Netherlands, was arraigned in California on October 23 in an alleged investment fraud case. The source does not give the year of the arraignment. A money laundering conspiracy charge dating from August 2025 carries a maximum sentence of 20 years if he is convicted.
Prosecutors say more than $36.9 million moved from accounts controlled by co-conspirators to one Bahamas bank account. Zhao and others allegedly arranged to convert the funds into tether (USDT) and send it to a wallet in Cambodia. Eight co-conspirators have pleaded guilty.
