Fraud Ring Targets Elderly, Steals $5M
Boston News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Two young individuals, Fangzheng Wang and Cynthia Jia Sun, pleaded guilty to running a massive fraud ring targeting elderly victims in the U.S. and Canada. The scam involved fake alerts and calls, tricking victims into wiring cash, sending cryptocurrency, or buying gold bars. The operation resulted in over five million dollars in losses, affecting around three hundred victims in thirty-seven states. Wang and Sun coordinated pickups of cash and gold, facing up to twenty years in prison and fines up to two hundred fifty thousand dollars each. The case highlights the prevalence of such schemes and ongoing investigations.
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