Three Charged in Money Laundering Conspiracy Using New Hampshire Business to Conceal Funds

Three Charged in Money Laundering Conspiracy

Using New Hampshire Business to Conceal Funds

CONCORD - An indictment unsealed yesterday charges three men with a money laundering conspiracy related to numerous business email compromise fraud schemes targeting companies throughout the United States.

Bill Ying Li, 51, Bing Xun Gong, 56, and Sabir Magdeev, 33, were indicted by a federal grand jury on one count of conspiracy to launder monetary instruments. Li appeared in federal court in California yesterday and will appear in New Hampshire for an initial appearance on July 29, 2026. Gong appeared in federal court in Illinois yesterday and will appear in New Hampshire for an initial appearance on July 29, 2026. Magdeev is currently awaiting extradition from Cyprus.

According to the charging documents and public record, the defendants are alleged to have conspired to launder proceeds derived from wire-fraud schemes targeting compromised business email accounts. These compromised accounts were used to change bank payment information in order to divert legitimate payments from their intended recipients to various bank accounts, shell entities, and cryptocurrency wallets controlled by the defendants to conceal the source and ownership of the funds. The charging documents further allege that, beginning in late 2022, the conspirators routed portions of these illicit proceeds through Market Shark LLC, a company registered with the New Hampshire Secretary of State, which they sought to use as an additional vehicle to receive and transfer laundered funds. The defendants are alleged to have conspired to launder more than $3 million in fraud proceeds.

The charge of money laundering conspiracy carries a maximum prison term of 20 years. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.

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 is leading the investigation. Assistant U.S. Attorneys John J. Kennedy and Yasir Sadat are prosecuting the case.

This action is part of Operation Riptide, an ongoing FBI campaign targeting the criminal actors, infrastructure, and financial networks behind cybercrime, cyber-enabled crime, and fraud against the American people. Last year, Americans reported over $20 billion in losses to cybercrime, a 26 percent single-year increase. Operation Riptide is the FBI's sustained enforcement response to that threat.