Newport Beach man receives sentence for involvement in 3 million cryptocurrency fraud scheme.
A Newport Beach resident has been sentenced to nearly six years in prison following his involvement in a sophisticated multi-state criminal enterprise that allegedly laundered upwards of .5 million. Evan Tangeman, 22, received a sentence of five years and ten months in a federal court in Washington, D.C., on April 24. He had previously pleaded guilty in December to charges arising from a Racketeer Influenced and Corrupt Organizations (RICO) conspiracy that saw participants embezzle more than 3 million in cryptocurrency, according to a statement from the U.S. Department of Justice.
Tangeman is the ninth individual to enter a guilty plea related to this broader scheme, which U.S. prosecutors contend commenced in October 2023 and was active until at least May 2025. The criminal organization reportedly thrived on connections formed through online gaming platforms, encompassing collaborators from various states, including California, New York, Florida, Connecticut, and even international locations.
The group’s operations were notably diverse, including members skilled in database hacking, target identification, communication, and burglary. Their primary aim was to infiltrate hardware virtual currency wallets, essential digital storage for cryptocurrency. In his role, Tangeman, who went by various aliases including ‘Tate’ and ‘Evan|Exchanger,’ facilitated the laundering process for the organization. He not only helped divest millions from unsuspecting victims but also enjoyed the fruits of his illicit labor, receiving luxury goods and exotic vehicles in return for his contributions.
Following initial arrests of some group members, including Malone Lam and Jeandiel Serrano, Tangeman allegedly instructed co-defendants to dispose of digital devices linked to the criminal activities. The group demonstrated a penchant for extravagance, allocating stolen cryptocurrency for lavish purchases such as nightclub services that could reach half a million dollars per night, luxury handbags, high-end watches, and high-value clothing.
Prosecutors reported that Tangeman and his peers utilized the proceeds from their crimes to fund extravagant lifestyles, securing rental properties in upscale regions like Los Angeles and the Hamptons, chartering private jets, and even acquiring luxury cars valued between 0,000 and .8 million. Notably, Tangeman converted cryptocurrency into fiat cash with assistance from real estate agents in Los Angeles and facilitated the acquisition of mansions valued between million and million for his accomplices, particularly during a move to Miami in September 2024.
Furthermore, law enforcement’s investigation culminated in the seizure of multiple luxury vehicles from Tangeman’s residence, including a 2022 Rolls Royce Ghost valued at more than 0,000 and a Porsche GT3 RS, underscoring the scale and opulence associated with the financial crimes of this criminal enterprise.
