SoCal man laundered millions for crypto kids' who used stolen loot to live lavishly
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A Newport Beach man has been sentenced to federal prison for laundering money for a group of young con artists who prosecutors said stole $263 million in cryptocurrency and used the loot to purchase luxury cars, rent out mansions and private jets and spend as much as $500,000 at nightclubs.Last week, U.S.District Judge Colleen Kollar-Kotelly in Washington sentenced 22-year-old Evan Tangeman to 70 months in federal prison after he pleaded guilty in December.
She also ordered him to serve three years of supervised release.Tangeman admitted to federal authorities that he laundered at least $3.5 million for the group, which scammed more than $263 million in cryptocurrency from investors in the U.S.Federal authorities said Tangeman, whose monikers included “E,” “Tate” and “Evan Exchanger,” was one of nine members of a “social engineering crime enterprise” made up of hackers, scammers, residential burglars and crypto money launderers.Social engineering is a type of fraud scheme used to trick victims into providing scammers with passwords, PINs and other personal information.Federal investigators said the group impersonated security technicians and employees of cryptocurrency exchange companies such as Coinbase and Gemini to steal from their victims.
An associate of the group referred to them as the “crypto kids.”“This criminal enterprise was built on greed so brazen it borders on cartoonish,” said Jeanine Pirro, U.S.attorney for the District of Columbia.
“They stole millions, spent it on half-million-dollar nightclub tabs, Lamborghinis, and Rolexes.”Federal authorities said the group formed through online gaming platforms.Its members, including some who were teenagers, lived in California, Connecticut, New York, Florida and in other countries.Federal authorities said the group had begun its crime spree by October 2023 and continued through at least May 20...