Ziyue Zhao (“Chris Zhao”) pleaded guilty in a case tied to a nationwide takedown of an organized crime ring that defrauded thousands of seniors. Prosecutors said impersonation and scam tactics were used over multiple years, with proceeds moved through cryptocurrency as part of money laundering.

Ziyue Zhao, also known as “Chris Zhao,” pleaded guilty in the Southern District of California in connection with a multinational fraud and money laundering ring that targeted seniors across the United States. The plea is tied to a nationwide takedown of an organized criminal operation that prosecutors said defrauded thousands of victims over multiple years. According to the government, the scheme depended heavily on impersonation and other deceptive tactics to convince victims to part with money. Prosecutors alleged that the fraud operation maintained a workflow designed to identify and manipulate targets, using communications intended to appear legitimate while pushing victims toward payment or account access under the conspiracy’s control. The government further stated that proceeds were laundered using cryptocurrency, reflecting how modern fraud networks convert and move illicit funds. In that process, cryptocurrency was used both to obscure the origin of funds and to facilitate ongoing operations of the conspiracy. The guilty plea does not by itself resolve all aspects of the case, but it reinforces prosecutors’ view that the fraud ring operated as a coordinated enterprise rather than isolated scams. The matter highlights the use of impersonation-based fraud and crypto-enabled money laundering in schemes aimed at older Americans.