Queens District Attorney Melinda Katz announced on the 15th that Tiffany Yang, a 37-year-old Chinese woman living in Bayside, has been sentenced to 120 days in prison and ordered to pay a total of $2.5 million for her involvement in a cross-state investment fraud scheme commonly known as “pig butchering.” The case involved 13 victims across the United States, with an estimated recovery of around 75% of the lost funds.
The prosecution pointed out that the defendant contacted the victims through social media, gained their trust, and then lured them into investing in a fake platform. These websites would display false profits, enticing the victims to continue adding investments. However, they were unable to withdraw the funds, which were transferred to multiple shell company accounts controlled by the defendant before the websites were shut down.
Katz stated that such fraudulent schemes like “pig butchering” are highly deceptive and exploitative. The defendant meticulously cultivated trust with the victims before leading them into a false investment trap, resulting in significant economic losses. She also emphasized that through the investigation and tracking by the cybercrime unit, they were able to successfully hold the defendant accountable and recover a major portion of the losses for the victims.
According to the case, Yang pleaded guilty to third-degree grand larceny on March 18th in the state Supreme Court before Judge Leigh Cheng. Apart from the prison sentence, the court ordered her to pay $1,328,286.67 in restitution and confiscated $1,717,10.33 in cash, as well as several luxury items including branded handbags and watches. The proceeds from the future auctions of these items will be used for further compensation to the victims. As of April 9th, all restitution has been fully completed.
Investigations revealed that one victim established contact with someone claiming to be “Lily List” on Facebook in March 2023, later shifting the conversation to WhatsApp and then being directed to invest in a fake trading platform named “Spread Ex Ltd.” The website impersonated a legitimate financial services company, deceiving the victim into believing its authenticity. Over the course of nearly a year, the victim made 13 wire transfers, with the account showing continuous growth until they attempted to withdraw funds but found it impossible, leading to the disappearance of the website.
Further investigations discovered that one of the fund flows was related to a JPMorgan Chase account linked to an apartment at 77th Avenue in Flushing (Unit 2B). The address was found to be connected to at least 97 bank accounts, some registered under business names such as nail salons, spa companies, and bars. Multiple fund transfers have been confirmed or reclaimed as proceeds of fraud. Property records showed that the apartment was an asset under the defendant’s name, and the network IP address accessing the bank account could be traced back to her residence in Bayside. On October 2nd, 2025, with a search warrant, the prosecution and the New York City Police Department entered the premises, arrested her on the spot, and seized an unloaded .45 caliber handgun. Subsequent searches uncovered a substantial amount of bank documents, checks, debit cards, as well as forged U.S. visas and Sino-U.S. passports, indicating her involvement in extensive fraudulent activities.