Illinois man accused in Delta County of cryptocurrency scam that netted $665,000
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An Illinois man has been charged in Delta County after authorities accused him of scamming an Escanaba man out of more than $660,000 in a cryptocurrency scheme.
Zhong Jiang, 34, of Orland Hills, Ill., was arraigned Monday in the 94th District Court in Escanaba on one count of larceny by conversion $100,000 or more. Bond was set at $400,000 cash/surety, with the case scheduled to return to court next Thursday.
The Michigan State Police Gladstone Post opened an investigation in July after the Escanaba man reported he had met with Jiang, posing as a crypto currency investor, and provided more than $500,000 to invest in Bitcoin. The man later mailed an additional $165,000 in cash via FedEx to out-of-state addresses, in total turning over more than $665,000 in U.S. currency, according to an MSP news release. MSP said Jiang was not a legitimate investor or broker.
The case was sent to the Delta County prosecutor for review, who issued the felony arrest warrant. MSP extradited Jiang from Waukesha, Wis., where he was in jail on similar charges, according to the MSP. He was taken to the Delta County Jail Oct. 15, where he remained as of Wednesday.
MSP was assisted by the Delta County Prosecutor's Office; Escanaba Public Safety; Homeland Security Investigations; the Delafield, Wis., Police Department; the Waukesha County, Wis., Sheriff's Office; and the Internal Revenue Service.
"This was great work by the detectives and troopers, along with everyone who assisted on this case," said Lt. Ben Eckola, MSP Eighth District public information officer. "Unfortunately, scams like this can happen anywhere and anyone can be targeted. If you're unsure if something is legitimate, contact your local law enforcement before sending money. We're happy to talk with you, answer your questions, and try to help prevent something like this from happening to you."
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The Daily Press in Escanaba contributed to this story.