Quincy Man Pleads Guilty to $1 Million Counterfeit Check Scheme

BOSTON – A Quincy man pleaded guilty today in federal court in Boston to a million-dollar bank fraud scheme in which he deposited hundreds of counterfeit checks.

Hui Zhang, 41, pleaded guilty to one count of bank fraud. U.S. District Court Judge Myong J. Joun scheduled sentencing for May 28, 2024. Zhang was arrested and charged by criminal complaint in September 2023. 

From in or around June 2020 through at least May 2022, Zhang opened fraudulent bank accounts under false identities into which he electronically deposited approximately 114 counterfeit checks – totaling more than $1 million. The counterfeit checks were drawn on the account of a Boston-based retailer. Zhang subsequently withdrew hundreds of thousands of dollars in cash from these accounts via ATMs.  
    
The charge of bank fraud provides for a sentence of up to 30 years in prison, five years of supervised release and a fine of up to $1 million, or twice the gross proceeds. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.

Acting United States Attorney Joshua S. Levy and Jodi Cohen, Special Agent in Charge of the Federal Bureau of Investigation, Boston Division made the announcement today. Assistant U.S. Attorney William F. Abely, Chief of the Criminal Division is prosecuting the case.