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Four individuals, including three from Southern California and one from Chicago, have been charged by the United States Department of Justice for their alleged involvement in a massive fraud and money laundering scheme that scammed victims out of over $80 million. The scheme, known as “pig butchering,” involved more than 284 transactions, according to court records.
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The Department of Justice revealed that the accused individuals conspired to create shell companies and bank accounts to launder the proceeds of cryptocurrency investment scams and other fraudulent schemes. Through investigations, authorities discovered that the defendants had deposited more than $20 million of victim funds into their bank accounts.
Protect yourself: Stay vigilant against the card draining gift card scam and other fraudulent schemes during the holiday season
Building trust with victims
The alleged scammers employed various tactics to establish relationships with their victims. They would cold call individuals through dating apps and other social media platforms, often disguising their true intentions. By gaining their victims’ trust, the scammers would eventually introduce the idea of investing in cryptocurrency.
Once the victims were engaged, they would be directed to fraudulent cryptocurrency investment platforms and applications operated by other members of the scheme. These platforms would show false gains on the investments, enticing victims to make further financial commitments.
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Unfortunately, the victims were unable to withdraw or recover their funds, resulting in significant losses.
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The four individuals involved in the scheme have been identified as Lu Zhang, Justin Walker, Joseph Wong, and Hailong Zhu. Zhang and Walker have been arrested, while the status of the other two individuals remains unclear. If convicted, Zhang and Walker could face up to 20 years in prison.
Reporting fraud
Authorities are urging anyone who may have fallen victim to this scheme to report it to IC3.gov. In their complaint, individuals should reference “Pig Butchering PSA” and provide as much information as possible, including the names of investment platforms, cryptocurrency addresses, transaction hashes, bank account details, and contact information of suspected scammers.
If you have any information related to this case, please contact Saman Shafiq, a trending news reporter for USA TODAY, at sshafiq@gannett.com. You can also follow her on X, the platform formerly known as Twitter, at @saman_shafiq7.
In a recent development, the United States Department of Justice has charged four individuals, three from Southern California and one from Chicago, in connection with an elaborate fraud and money laundering scheme. This scheme, known as “pig butchering,” targeted victims in at least 284 transactions, resulting in losses exceeding $80 million. Court records reveal that the accused individuals conspired to create shell companies and bank accounts to launder the proceeds of cryptocurrency investment scams and other fraudulent activities.
According to the Department of Justice, investigations uncovered that the defendants had deposited over $20 million of victim funds into bank accounts associated with them. The alleged scammers employed deceptive tactics to establish relationships with their victims. They would initiate contact through dating apps and social media platforms, disguising their true intentions. By gaining the trust of their victims, they gradually introduced the concept of investing in cryptocurrency.
Once engaged, the victims were directed to fraudulent cryptocurrency investment platforms operated by other members of the scheme. These platforms would falsely display significant gains on the investments, enticing victims to make further financial commitments. Unfortunately, the victims were unable to withdraw or recover their funds, resulting in substantial losses.
The four individuals involved in the scheme have been identified as Lu Zhang, Justin Walker, Joseph Wong, and Hailong Zhu. While Zhang and Walker have been arrested, the status of the other two individuals remains uncertain. If convicted, Zhang and Walker could face a maximum penalty of 20 years in prison.
As the holiday season approaches, it is crucial to remain vigilant against scams and fraudulent schemes. The Department of Justice advises individuals to protect themselves from the card draining gift card scam and other fraudulent activities. It is essential to be cautious and avoid responding to calls and texts from suspicious numbers. Additionally, police authorities have issued warnings to holiday shoppers about card draining scams and provided tips to help consumers avoid falling victim.
If you believe you have been scammed by this scheme, it is recommended to report it to IC3.gov. When filing a complaint, reference “Pig Butchering PSA” and provide as much information as possible, including the names of investment platforms, cryptocurrency addresses, transaction hashes, bank account details, and contact information of suspected scammers.
For more information on this case or to provide any related information, please contact Saman Shafiq, a trending news reporter for USA TODAY, at sshafiq@gannett.com. You can also follow her on X, the platform formerly known as Twitter, at @saman_shafiq7.
Stay informed and stay safe during the holiday season. Remember, reporting fraud is crucial in the fight against scams and protecting potential victims..
