An Arcadia woman has been sentenced to over 10 years in prison for her role in a large-scale money laundering scheme that predominantly targeted elderly victims. Cynthia Song, 43, also known as "Iris Song" and "Xin Wang," was handed down a 121-month prison term for her participation in the operation, which laundered more than $11.6 million obtained from hundreds of unsuspecting individuals who were duped by criminals posing as authority figures. The United States District Judge Stanley Blumenfeld Jr. also ordered Song to pay restitution amounting to $10,069,518, according to a report by the U.S. Attorney's Office for the Central District of California.
In her guilty plea on June 10, Song admitted to one count of conspiracy to commit money laundering, acknowledging her knowledge that the funds were proceeds of criminal activity. From December 2022 to October 2024, Song was deeply involved in the conspiracy that saw victims conned through various rackets, including impersonation and technical support scams. According to court documents, the criminals, often based overseas, tricked the victims into sending large payments, sometimes their entire life savings, to U.S. bank accounts controlled by Song and her accomplices.
Song's operation began with her laundering funds through her own accounts, such as when victims were tricked into wiring at least $170,850 into an account controlled by her under the business name SW Prosperity Real Estate Development LLC. She then escalated her involvement by managing and recruiting at least 15 individuals to open multiple bank accounts for receiving and funneling the fraudulent funds. Prosecutors detailed that once these funds were received, Song directed her co-conspirators to withdraw or transfer the money quickly abroad after taking a cut, with the primary destinations being China and Hong Kong.
The scheme persisted until banks, suspicious of the fraudulent activities, froze the involved accounts. Undeterred, Song and her network would simply move on to new accounts and co-conspirators, shuffling the illicit gains and leaving a trail of financial ruin behind. It's reported by the U.S. Attorney's Office that Song and her co-conspirators laundered at least $11,692,931 from approximately 180 victims across the United States, with about $2,736,240 eventually frozen or recovered by financial institutions.
Highlighting the devastating impact of these offenses, the prosecutors argued in a sentencing memorandum that the crimes inflicted severe harm on the victims, many of whom are unable to recover financially, given their age. The Justice Department's Elder Fraud Initiative and the IRS Criminal Investigation, alongside Homeland Security Investigations, are the forces behind bringing Song's operation to a halt. For elderly individuals who are victims of financial fraud, support can be found via the National Elder Fraud Hotline at 1-833-FRAUD-11 (1-833-372-8311), offering assistance seven days a week from 3:00 a.m. to 8:00 p.m. Pacific Time.
