"Four Charged in Connection With $80m Pig Butchering Scheme"

Four US residents have recently been charged with a series of money laundering offenses connected to a major "pig butchering" fraud syndicate.  Lu Zhang, 36, of Alhambra, California; Justin Walker, 31, of Cypress, California; Joseph Wong, 32, of Rosemead, California; and Hailong Zhu, 40, of Naperville, Illinois, are charged with conspiracy to commit money laundering, concealment money laundering, and international money laundering.  The 4 of them were accused of conspiring to set up shell companies and open bank accounts to launder the proceeds of pig butchering scams, a type of investment fraud, as well as other fraudulent schemes.  According to the Department of Justice (DoJ), they transferred the funds to US and international bank accounts, with more than $20m directly deposited in bank accounts linked to the four.  The pig butchering scheme is said to have involved at least 284 suspicious transactions and resulted in losses to victims of over $80m.

Infosecurity reports: "Four Charged in Connection With $80m Pig Butchering Scheme"