A Delafield investor who says he poured about $538,000 into an online trading program ended up helping police arrange a cash pickup, authorities say. An Illinois man allegedly arrived to collect the money, turning a supposed courier gig into a pair of felony charges.
The Delafield man contacted police on July 13 after becoming concerned about the investment operation, according to Greater Milwaukee Today. He told investigators he had transferred roughly $132,000 through several wire payments and handed over another $132,000 in two cash transactions, while believing he was buying and selling stocks through a program promising high-yield opportunities.
The alleged pitch had several classic investment-scam warning signs, including big-profit claims, complicated explanations and pressure to keep sending money. The Federal Trade Commission warns that legitimate investments always carry risk and that promises of unusually large or guaranteed returns should set off alarms.
The complaint says the man had already tried to withdraw about $3,000 to $4,000, but the supposed investment company then demanded $270,000 in cash as a commission needed to release his profits. Documents allegedly described withdrawals as payments for home modeling and a large steel purchase, while separate paperwork referenced a gold coin purchase the investor said he had never made.
Police Say The Cash Pickup Led To Charges
When another pickup was arranged, the victim’s wife contacted police, who recorded the serial numbers on the money and monitored a controlled exchange last Wednesday. As detailed by Greater Milwaukee Today, Zhong Jiang allegedly arrived in a BMW he had rented last Friday after finding the collection job online and told officers he expected to be paid $800. Officers reportedly found $2,500 in his car, two luggage bags in the trunk and a Safelok deposit bag, while a receipt for a $277,424 cash deposit and a $1 bill were left at his front door.
What The Wisconsin Charges Mean
Jiang, a 34-year-old Orland Hills resident, is charged with conspiracy to commit money laundering and conspiracy to commit theft by false representation. A Waukesha County guide describes theft by false representation as using a knowingly false claim to deceive an owner and obtain property.
The money-laundering allegation centers on the handling of proceeds that prosecutors believe came from unlawful activity, while the conspiracy counts focus on an alleged agreement and steps taken to carry out the plan. The Wisconsin State Law Library outlines those basic elements, though prosecutors still must prove the allegations in court.
Jiang was ordered held on $277,424 cash bail and is due in court Wednesday to assess the status of his legal representation, according to the report. He faces up to 25 years in prison if convicted, but the charges remain allegations and he is presumed innocent unless proven guilty.
