TYLER, Texas – A Chinese national is at the center of a massive “pig butchering” cryptocurrency investment scam that’s seen millions drained from unsuspecting victims.
Fei Liao, 29, of San Gabriel, California, was apprehended on May 3, 2024, and has pleaded not guilty to charges of conspiracy to commit wire fraud and money laundering. The alleged scheme saw Liao and his co-conspirators set up shell companies and bank accounts to siphon off the proceeds from these fraudulent ventures.
Liao’s arraignment was waived on May 20, 2024, with each charge potentially carrying a sentence of 20 years in federal prison. The term “pig butchering” refers to scammers preying on victims online or through social media, building trust before directing them to fraudulent crypto investment platforms.
Victims are often tricked into making additional investments after seeing虚假的盈利，最终无法提取或收回资金。The U.S. Secret Service is leading the investigation, with Assistant U.S. Attorney Robert Austin Wells handling the prosecution.
An indictment is not proof of guilt; Liao is presumed innocent until proven guilty in court. If you or someone you know has been victimized by such a scheme, report it to www.IC3.gov using the “Pig Butchering PSA” reference and include detailed information for law enforcement.
Scammers operate without mercy, preying on vulnerability. It’s crucial that anyone affected comes forward to help put an end to these sinister operations.
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Key Facts
- State: Texas
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes|Cybercrime
- Source: Official Source ↗
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