Operation Tidal Wave: Seven indicted in $7.1 million money laundering conspiracy following investigation that resulted in one of the largest-ever firearms seizures in the history of the northern district of New York

Date: Jan. 21, 2026

Contact: newsroom@ci.irs.gov

Albany, NY – Iziah Cox of Albany, Kaya Cox of Albany, Sincere Cox of Albany, Davion Carrington of Albany, Jahmell Manso of Albany, Tiffany Banks of Albany, and Tamicca Jennings of Troy, New York were charged last week with conspiring to launder $7.1 million in proceeds of a complex fraud scheme with victims from all over the world, according to an indictment unsealed earlier today. Acting United States Attorney John A. Sarcone III and Craig L. Tremaroli, Special Agent in Charge of the Albany Field Office for the Federal Bureau of Investigation (“FBI”), made the announcement.

The indictment is the latest result in the Operation Tidal Wave investigation led by the U.S. Attorney’s Office and the FBI’s Albany Regional Financial Crimes Task Force that resulted in the seizure of 135 firearms last August.

According to the indictment and documents previously filed in the case, Iziah Cox and his coconspirators were part of a scheme to defraud businesses, individuals, and financial institutions and launder over $7.1 million in illegal proceeds through transactions designed to conceal and disguise the nature, location, source, ownership, and control of their ill-gotten gains. The victims of the fraud were located all over the world, and many of them were businesses that were victimized by business email compromises (“BECs”). Through these BECs, the businesses received an email that appeared to be from a legitimate company with which they had an ongoing financial relationship. But the email accounts were controlled by members of the conspiracy, who instructed the businesses to wire future payments to bank accounts controlled by other coconspirators. To make the bank accounts appear legitimate and trick the victims and financial institutions into authorizing the payments, the conspirators registered “doing business as” (“DBA”) entities, in Albany County and elsewhere, in the names of real companies from all over the world. Those DBA registrations were then used by the conspirators to open bank accounts in the names of those companies, which in turn were used to receive and rapidly disburse the fraud proceeds.

The investigation began last summer after a local financial institution, headquartered in Albany, New York, alerted the FBI to a series of account openings and fraudulent financial transactions at its Capital Region branches. On August 19, 2025, the FBI’s Albany Regional Financial Crimes Task Force, which is comprised of members of local, state, and federal agencies, executed search warrants at numerous locations throughout the Capital Region. In executing those warrants, agents uncovered and seized a total of 135 firearms, including machineguns, high-capacity magazines, and firearms with obliterated serial numbers.

Iziah Cox was separately charged by the grand jury with illegal possession of a firearm as a felon in connection with the firearms seizure.

“I commend the tireless work of my Assistant U.S. Attorneys, the FBI, the IRS, and the Albany and Troy Police Departments in spearheading this investigation and terminating this worldwide fraud scheme,” Acting U.S. Attorney Sarcone said. “I also thank our local banking partners for their hawkish effort in spotting this scheme, which ultimately led to law enforcement seizing scores of dangerous firearms and getting them off our streets. We have all saved lives here.”

FBI Special Agent in Charge Craig L. Tremaroli stated: “This meticulous investigation produced one of the largest weapons seizures in the Northern District of New York, and today’s indictments illustrate the staggering depth of the alleged financial fraud that led to that seizure. The alleged scheme was complex, but thanks to our invaluable private sector and state and local law enforcement partnerships – especially the Capital Region Crime Analysis Center – these individuals are all facing serious federal charges and our communities are undoubtedly safer. This investigation should send a very strong message that the FBI will not tolerate any criminal looking to fund their illicit business on the backs of hardworking Americans.”

Troy Police Chief Dan DeWolf said “the excellent partnerships with our Federal, State and local law enforcement partners are the reason for this very successful investigation. The arrests of several unscrupulous defendants and the large seizure of firearms certainly help make our communities much safer. I’m proud and grateful for the hard work of all those involved in bringing this investigation to a triumphant finish.”

Albany Police Chief Brendan Cox said, “Operation Tidal Wave indictment represents the culmination of an extensive multi-agency investigation. The message is clear, criminal activity of this magnitude will not be tolerated. We are grateful for our strong partnership with our federal, state and local law enforcement partners, whose combined efforts were critical in the success of this operation.”

The money laundering conspiracy charge carries a maximum sentence of 20 years in prison, a fine of up to $500,000, and a term of supervised release of up to three years. The firearm charge against Iziah Cox carries a maximum sentence of 15 years, a fine of up to $250,000, and a term of supervised release of up to three years. A defendant’s sentence is imposed by a judge based on the particular statutes the defendant is convicted of violating, the U.S. Sentencing Guidelines and other factors.

The charges in the indictments are merely accusations. The defendants are presumed innocent unless and until proven guilty.

The FBI and its Albany Regional Financial Crimes Taskforce is investigating the cases, with assistance from Internal Revenue Service-Criminal Investigation, the United States Postal Inspection Service, the New York State Comptroller’s Office, the Albany County Sheriff’s Office, the Albany Police Department, the Troy Police Department, the New York State Police, and the Capital Region Crime Analysis Center and the New York State Intelligence Center. Assistant U.S. Attorneys Benjamin S. Clark, Matthew M. Paulbeck, and Joshua R. Rosenthal are prosecuting the cases.

IRS Criminal Investigation (IRS-CI) is the law enforcement arm of the IRS, responsible for conducting financial crime investigations, including tax fraud, narcotics trafficking, money laundering, public corruption, healthcare fraud, identity theft and more. IRS-CI special agents are the only federal law enforcement agents with investigative jurisdiction over violations of the Internal Revenue Code, obtaining a 90% federal conviction rate. The agency has 19 field offices located across the U.S. and 14 attaché posts abroad.