New York Woman Xue Fang Cheng Charged in $1.1 Million Unlicensed Check-Cashing Scheme: About $875,000 Seized
The Justice Department announced on October 26 that Xue Fang Cheng, 55, of New York, was arrested that day after a federal grand jury in the Eastern District of New York returned an indictment on October 23 charging her with conspiring to operate an unlicensed money transmitting business; prosecutors allege she provided more than $1.1 million in cash through unlicensed check cashing between March 2025 and July 2026, and law enforcement has seized approximately $875,000 in cash.
The indictment alleges Cheng owned a New York convenience store that provided unlicensed check-cashing services to at least three individuals, including a social adult day care center owner and an undercover law enforcement officer. Checks were deposited into business bank accounts controlled by others, and cash was returned to customers for a fee of 2 to 3 percent, with transactions documented through text messages and audio recordings; Cheng allegedly told the undercover officer she planned to "do it long term" and acknowledged the business was "very dangerous."
The case was announced by Acting Assistant Attorney General Colin M. McDonald of the National Fraud Enforcement Division, U.S. Attorney Joseph Nocella Jr. for the Eastern District of New York, and officials from the HHS Office of Inspector General, Homeland Security Investigations in New York and the NYPD. If convicted, Cheng faces a maximum penalty of five years in prison. The Justice Department noted that an indictment is merely an allegation and that the defendant is presumed innocent until proven guilty.
Source: GSM News.
Source: GSM · USA (original Chinese edition)
Photo: 美国司法部大楼标志，摄于华盛顿（G. Edward Johnson，CC BY，维基共享资源）
