A Venezuelan citizen has been charged in the United States for allegedly orchestrating a substantial money laundering operation that reportedly transferred approximately $1 billion through both cryptocurrency and conventional financial channels. The announcement was made by U.S. authorities on Friday, detailing the charges against Jorge Figueira, 59, for conspiracy to launder money.
According to the U.S. Attorney”s Office for the Eastern District of Virginia, the criminal complaint, filed in federal court in Alexandria, Virginia, outlines how Figueira is said to have utilized an intricate network of bank accounts, cryptocurrency exchange platforms, private crypto wallets, and shell corporations to facilitate the movement of illicit funds into and out of the United States. Investigators assert that cryptocurrency played a pivotal role in obscuring the origins of the funds involved.
Allegations indicate that Figueira converted funds into digital assets, which were then sent through various wallets before being directed to liquidity providers who exchanged the cryptocurrencies back into U.S. dollars. These dollars were subsequently either deposited into bank accounts controlled by Figueira or forwarded to other recipients. This multi-layered process was purportedly designed to complicate transaction tracing efforts and mask the genuine sources of the funds from law enforcement agencies.
The Federal Bureau of Investigation reported that it had identified roughly $1 billion worth of cryptocurrency that traversed wallets purportedly associated with this laundering network. Investigators allege that the funds underwent numerous transfers involving various individuals and businesses across multiple countries, hinting that the operation may have extended its support to criminal activities beyond U.S. borders.
Prosecutors noted that a significant portion of the funds entering Figueira”s accounts originated from cryptocurrency trading platforms. Most outgoing transfers were directed towards businesses and individuals both within the United States and internationally. Authorities highlighted several high-risk jurisdictions as destinations for the funds, including Colombia, China, Panama, and Mexico.
If convicted, Figueira could face a maximum prison sentence of up to 20 years. However, any sentencing would be determined by a federal judge, taking into account U.S. sentencing guidelines along with other legal considerations.
