California Woman Arraigned for $150,000 Cryptocurrency Scam Targeting Sheridan Resident

Overview

A California resident, Jiahui Chen, was arraigned in the Fourth Judicial District Court for her alleged involvement in a cryptocurrency investment scam that led to a Sheridan resident losing over $150,000.

The Scam

Last summer, a Sheridan resident received a phone call from a woman impersonating a cryptocurrency broker. This fraudulent broker persuaded the victim to wire $100,000 to an account named Zap Solutions at a New Jersey bank, claiming it would be invested in the EDX cryptocurrency market.

Several months later, the victim was convinced to send an additional $50,075 as a supposed “blockchain fee” to access the funds. After realizing he could not withdraw any money, the victim reported the fraud to the Sheridan Police Department in November.

Arrest and Legal Proceedings

The scam continued as the victim was contacted again for another fee. On November 14, 2024, Chen was arrested at the victim’s home while attempting to collect cash. At her arraignment, she pleaded not guilty to felony attempted theft. A jury trial is scheduled for May 19, with a pretrial conference on April 22. Chen faces potential deportation and, if convicted, a prison sentence of up to 10 years and a fine of $10,000.