by Los Angeles, CA — A Southern California woman has been sentenced to more than 10 years in federal prison for orchestrating a multimillion-dollar money laundering scheme that defrauded elderly victims across the United States of over $11.6 million, according to federal prosecutors.
Woman Sentenced in Elder Fraud Scheme
Federal authorities announced that 43-year-old Cynthia “Iris” Song, also known as Xin Wang, received a 121-month prison sentence after admitting her role in a massive international fraud operation. Song, who lived in Arcadia, pleaded guilty in June 2025 to conspiracy to commit money laundering.
Prosecutors said Song not only participated in the scheme but eventually rose to a management role where she oversaw the movement of fraud proceeds and recruited dozens of accomplices.
How the Fraud Targeted Elderly Victims
According to the U.S. Attorney’s Office, the scam ran from December 2022 through October 2024 and involved fraudsters impersonating government officials, law enforcement officers, and tech-support representatives. They manipulated victims—many of them elderly—into sending large sums of money to bank accounts controlled by Song and her network.
Some victims were convinced their identities were compromised, while others were falsely told they were under investigation and needed to “verify” funds. Many were pressured into draining their life savings.
Court documents show Song recruited at least 15 individuals to open fraudulent business bank accounts, which served as funnels for the stolen money.
Laundering More Than $11 Million
Song and her team laundered at least $11,692,931 from approximately 180 victims nationwide. While financial institutions were able to freeze or recover around $2.7 million, the majority of the funds were transferred overseas.
Song kept a 5%–10% cut of the money before instructing her associates to send the rest to contacts in China and Hong Kong. She provided these associates with detailed instructions on how to mislead banks when questioned about suspicious transfers.
“She told those she recruited that the money was not ‘clean,’” prosecutors wrote in court filings, emphasizing that Song knowingly facilitated the movement of criminal proceeds.
Avoiding Detection Through Constant Switching
When banks froze accounts due to suspected fraud, Song simply redirected her associates to new accounts and new co-conspirators, making detection more difficult. She also provided fake explanations, victims’ personal information, and fabricated business stories to keep transfers from being blocked.
Authorities said her actions directly caused catastrophic financial losses to elderly victims, many of whom will never recover.
Prosecutors Describe Devastating Harm
In a sentencing memorandum, federal prosecutors highlighted the long-term damage caused by the scheme.
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“Some lost their entire life savings, others continue to experience shame, regret, and depression,” they wrote.
“Many dreamed to enjoy their golden years of retirement, but are now confronted with the harsh realities of lost savings and shattered dreams.”
Officials added that many victims had to drastically alter their lifestyles as a result of the financial hit, with some unable to recover at all due to their age.
Federal Investigation and Restitution Order
The case was investigated by IRS Criminal Investigation and Homeland Security Investigations, with Assistant U.S. Attorney Andrew M. Roach overseeing the prosecution.
As part of her sentence, Song was ordered to pay $10,069,518 in restitution. She has been in federal custody since October 2024.
For seniors who believe they may have been victims of similar financial fraud, the National Elder Fraud Hotline at 1-833-372-8311 provides free assistance. Additional information on the Department of Justice’s Elder Fraud Initiative is available on the agency’s official website at justice.gov/elderjustice.
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