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Bayside woman charged in $2.1 million pig butchering scam

QUEENS, NY – Tiffany Yang has been arraigned on charges of grand larceny in the first degree and other related crimes, accused of stealing approximately $2.1 million from 17 victims nationwide through a so-called “pig butchering scam.”

This type of scheme involves scammers establishing relationships with victims under false pretenses, persuading them to invest in fraudulent financial ventures. The FBI’s Internet Complaint Center recorded nearly $6.57 billion in losses from investment scams in the U.S. last year.

Victims were reportedly befriended online and enticed into putting money into fake investments showcased on fraudulent websites. These sites displayed artificial profits to encourage further deposits until victims were locked out as their funds were funneled into accounts associated with multiple shell companies controlled by Yang.

District Attorney Melinda Katz stated, “As alleged, the defendant was part of a scheme that gained the trust of victims across the United States and then lured them into a fraudulent investment opportunity.” Katz emphasized the calculated nature of such scams and noted her office’s Cybercrime Unit’s role in addressing large-scale financial fraud.

Yang, 35, of Bayside, faced a 27-count criminal complaint upon her arraignment on Wednesday. The charges include grand larceny in the first degree and criminal possession of stolen property in the first degree, among others. She was remanded by Criminal Court Judge Maria T. Gonzalez and is scheduled to return to court on November 13.

According to the investigation, one victim interacted with someone claiming to be “Lily List” over Facebook Messenger starting in March 2023. The conversation transitioned to WhatsApp, where the victim was directed to a fraudulent trading platform known as Spread Ex Ltd. They ultimately wired $1,086,244 across 13 transactions, believing they were investing in a legitimate opportunity.

Investigators revealed that funds from the victim’s wire transfers were linked to a JP Morgan Chase account associated with an address in Flushing, New York. This address has been connected to numerous accounts allegedly involved in similar fraudulent activities.

In October, a court-authorized search warrant was executed at Yang’s residence in Bayside, resulting in her arrest for possession of a firearm after authorities found further evidence of fraudulent activity, including forged documentation. Yang was re-arrested for the grand larceny charges on October 7.

Yang’s case is being prosecuted by Assistant District Attorneys from the Cybercrime Unit, with support from the U.S. Department of State.

In a shocking twist, a woman has been charged with orchestrating a massive scheme that targeted victims across the nation.