Commodity Futures Trading Commission v. Cunwen Zhu and Justby
- Jay-Cheng Shiwbalak
- Aug 4, 2023
- 1 min read
Case No. 2:23-cv-4937
Case Summary: The complaint filed by the CFTC asserts that Zhu and Justby, along with other individuals, engaged in a form of fraudulent activity known as "romance fraud," commonly referred to as a "Sha Zhu Pan" or "Pig Butchering" scheme. In this scheme, the fraudsters cultivate a friendly or romantic relationship with potential victims, and “fatten” them up with falsehoods, before soliciting the customer to participate in a fraudulent financial opportunity. The complaint alleges from approximately April 2021 through March 2022, Zhu and Justby accepted and misappropriated over $1.3 million from at least 29 customers as part of this scheme.
Case filed on 6/22/2023; currently ongoing
Sources :
https://fxnewsgroup.com/forex-news/regulatory/cunwen-zhu-and-justby-charged-in-1-3m-pig-butcher ing-forex-and-crypto-fraud/ https://coingeek.com/california-man-charged-in-landmark-cftc-pig-butchering-scam-enforcement/#:~: text=Filed%20in%20the%20Central%20District,toward%20BTC%20and%20forex%20trading.
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