US detains suspects behind $80 million ‘pig butchering’ scheme

US detains suspects behind $80 million 'pig butchering' scheme

December 14, 2023 at 02:54PM

Four suspects, including residents of California and Illinois, have been charged by the U.S. Department of Justice in a pig butchering fraud scheme, leading to over $80 million in losses for victims. They are accused of money laundering and operating shell companies to launder profits from cryptocurrency scams, ultimately siphoning funds from victims. The FBI has warned of a significant increase in investment fraud, particularly in cryptocurrency schemes.

Based on the meeting notes, here are the key takeaways:

1. The U.S. Department of Justice has charged four suspects for their involvement in a pig butchering fraud scheme that caused over $80 million in victim losses, with two of the suspects already detained.

2. The suspects are allegedly linked to conspiracy to commit money laundering, concealment money laundering, and international money laundering through the operation of shell companies and bank accounts.

3. The fraud scheme involved at least 284 transactions and resulted in over $80 million in victim losses, with over $20 million directly deposited into bank accounts associated with the defendants.

4. The FBI’s 2022 Internet Crime Report highlighted that investment fraud cost Americans over $3 billion last year, with cryptocurrency investment fraud complaints increasing significantly.

5. The FBI has issued multiple warnings about the rise in ‘pig butchering’ crypto investment schemes that have led to substantial losses of cryptocurrency to fraud in 2022.

These are the main points garnered from the meeting notes. Let me know if you need further details or analysis on any of these points.

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