"The term is based on the agricultural practice of fattening pigs before slaughter, symbolizing how scammers "fatten" their victims with false attention before exploiting them financially. The victims in this case were befriended online and then convinced to invest in fraudulent assets through fake websites, which often showed artificial gains to manipulate the victims into depositing more money. Eventually, the 17 victims lost access to their "accounts" as the funds were routed to accounts of multiple shell companies in Wang's control."
"A Bayside woman was criminally charged with running a "pig butchering scam" on victims across the country and allegedly stealing more than $2 million from them, according to prosecutors. Tiffany Wang, 35, of 200th Street, was arraigned Wednesday in Queens Criminal Court on a 27-count criminal complaint charging her with grand larceny in the first degree, criminal possession of stolen property and related crimes."
A Bayside woman, Tiffany Wang, 35, was arraigned in Queens Criminal Court on a 27-count complaint including first-degree grand larceny and criminal possession of stolen property. Prosecutors allege she ran a "pig butchering" or Sha Zhu Pan scheme that befriended victims online, persuaded them to invest through fraudulent websites that displayed artificial gains, and then redirected funds to multiple shell-company accounts under her control. Seventeen victims nationwide lost access to accounts and over $2 million. The FBI reported roughly $6.57 billion in U.S. investment scams last year. Queens District Attorney Melinda Katz described such scams as organized, calculated and cruel.
Read at QNS
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