The US Justice Department announced that a 22-year-old resident of Newport Beach, California, was sentenced April 24 in federal court in Washington, D.C., to more than five years behind bars for his central role in cleaning dirty money from one of the largest social-engineering fraud rings uncovered in recent years. Evan Tangeman admitted to helping launder at least $3.5 million in stolen cryptocurrency, funds that a sprawling criminal network used to bankroll an outrageously lavish lifestyle across multiple states.
US Attorney Jeanine Ferris Pirro described the enterprise as driven by unchecked greed that bordered on absurdity.
“They stole millions and blew it on half-million-dollar nightclub bills, Lamborghinis, and Rolex watches,” she said.
“Tangeman didn’t just move the money that kept that excess going—he tried to erase the evidence once his partners were caught. That shows clear awareness of wrongdoing, and both prosecutors and the court took it seriously.”
Tangeman, who reportedly went by online aliases including “E,” “Tate,” and “Evan|Exchanger,” entered a guilty plea on December 8, 2025, to racketeering conspiracy charges before U.S. District Judge Colleen Kollar-Kotelly.
The judge also ordered three years of supervised release following his prison term. His admission marked the ninth guilty plea stemming from the long-running investigation.
The scheme began no later than October 2023 and ran through at least May 2025.
It started among young men who connected through online gaming communities and eventually drew in participants from California, Connecticut, New York, Florida, and overseas.
The group combined skills in database hacking, victim targeting, phone scams, and even physical break-ins aimed at stealing hardware cryptocurrency wallets.
Tangeman’s job was to convert the digital loot into usable cash, shielding the thieves from detection while they lived like high-rollers. Beyond moving money, Tangeman profited personally.
He received luxury vehicles as payment, including a widebody Lamborghini Urus arranged by a co-defendant.
When agents searched his home, they seized a black 2022 Rolls-Royce Ghost valued at more than $300,000 and a white-and-black Porsche GT3 RS.
He also helped arrange multimillion-dollar mansion rentals in Los Angeles—properties worth $4 million to nearly $9 million—for unemployed associates, many still in their teens, who paid $40,000 to $80,000 monthly in cash to avoid scrutiny over their sudden wealth.
When the ring relocated to Miami in September 2024, Tangeman secured additional high-end housing there.
The stolen funds fueled jaw-dropping spending sprees: nightclub evenings costing up to $500,000, designer handbags worth tens of thousands handed out like party favors, luxury watches priced from $100,000 to more than $500,000, high-end clothing, private jets, full-time security teams, and a collection of exotic cars ranging from $100,000 to $3.8 million apiece.
After two early leaders—Malone Lam and Jeandiel Serrano—were arrested, Tangeman directed another co-defendant, Tucker Desmond, to destroy digital devices belonging to group members in an apparent effort to obstruct the probe.
That move, prosecutors argued, demonstrated consciousness of guilt.
The case was investigated by the US Attorney’s Office for the District of Columbia, the FBI’s Washington Field Office, and IRS Criminal Investigation. Support came from FBI offices in Los Angeles and Miami, along with federal prosecutors in California, Florida, and New Jersey. Assistant U.S. Attorney Will Hart handled the prosecution.