On February 25, three individuals were arrested in Los Angeles for operating shell companies involved in a pig butchering scheme that scammed victims of over $13 million. Mingzhi Li and Zeyue Jia, both foreign nationals with expired student visas, were charged alongside Jun Shi, who allegedly started two money service businesses to facilitate the transfer of funds without proper registration. The scammers exploited relationships through dating apps and social media, leading victims into unwarranted business investments while misappropriating the funds for personal gain. Their arraignment is scheduled for March 17 in federal court.
A Mingzhi Li, Zeyue Jia, and Jun Shi were arrested for operating shell companies that stole over $13 million from victims in investment scams known as pig butchering.
According to federal prosecutors, the defendants opened U.S.-based bank accounts for their shell companies and managed to facilitate 302 wire transfers from victims of scams.
Prosecutors allege that the funds stolen from victims were transferred to overseas accounts and used for personal expenses, thus showcasing the intricate web of the fraud.
Pig butchering scams involve establishing fake relationships via dating apps or social media, luring victims into making substantial investments in non-existent business opportunities.
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