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Recovering $1.6M from "Pig Butchering Scam" - A Cautionary Tale of Financial Fraud

New England resident recovers $1.6M from a "Pig Butchering Scam" through legal and forensic efforts.

By Mackenzie Crow

5/15, 08:39 EDT
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Key Takeaway

  • A New England resident recovered $1.6M from a "Pig Butchering Scam" with the help of CNC Intelligence and Hauzen LLP.
  • The scam, originating from a dating site, led to fraudulent investments in a fake online trading platform.
  • This case highlights the importance of due diligence and consulting fiduciaries to avoid similar financial scams.

Unraveling the Scam

A New England resident, referred to as Robert for privacy, fell victim to a sophisticated financial scheme known as the “Pig Butchering Scam.” This scam began on a dating site and escalated when Robert was introduced to a supposed relative of his new romantic interest, who convinced him to invest in a fraudulent online trading platform. This platform, designed to mimic legitimate brokerages, displayed fake trades that showed substantial gains, misleading Robert into investing more funds. The scam culminated in the disappearance of all his funds in a supposed catastrophic trade, leaving Robert both financially and emotionally devastated.

Path to Recovery

Determined to recover his lost assets, Robert enlisted CNC Intelligence, a firm specializing in asset tracing and recovery. CNC Intelligence was able to locate a significant portion of Robert's stolen assets and uncovered the deceptive tactics used by the fraudulent trading platform. With these insights, CNC Intelligence collaborated with Hauzen LLP, a Hong Kong-based law firm, to initiate legal proceedings aimed at recovering Robert's assets.

Legal Triumphs and Collaborative Efforts

The investigation led by CNC Intelligence identified multiple defendants in Hong Kong, with Hauzen LLP, under managing partner Basil Hwang, securing injunctions to freeze and then seize the assets. This legal battle, which spanned over a year and a half, ultimately resulted in the recovery of over $1.6 million for Robert. The success of this case underscores the importance of collaboration among victims, forensic investigators, and legal professionals in navigating the complexities of international law and financial fraud.

A Cautionary Conclusion

The emotional and financial toll of the scam on Robert serves as a stark reminder of the dangers of engaging with unverified online platforms. Matthew Stern, CEO of CNC Intelligence, emphasizes the importance of caution and advises investors to consult with fiduciaries who are legally bound to act in their best interests. This case highlights the critical need for due diligence and vigilance to prevent falling victim to similar scams.