New York real-estate firm accuses multiple Hong Kong entities of crypto-fraud scheme


Attorney Marshal J. Hoda of The Hoda Law Firm PLLC | The Hoda Law Firm PLLC

A New York real-estate developer has filed a lawsuit against Standard Chartered Bank (Hong Kong) Limited and several other Hong Kong-based businesses, accusing them of orchestrating a sophisticated "pig-butchering" scam that cost him over $3.6 million.

The lawsuit filed by plaintiff Phillip Li claims he was the target of an elaborate scheme beginning in July 2023 when he received a message on WeChat from someone named "Annie," who claimed to be a Chinese national living in Seattle. Their relationship quickly evolved into discussions about cryptocurrency investments, leading Annie to introduce Mr. Li to WDCEX.PRO—a fraudulent trading platform purportedly capable of generating significant profits through artificial intelligence. Trusting these claims, Mr. Li made numerous wire transfers totaling over $4 million to various bank accounts associated with Hong Kong-based banks under the impression that his investments were growing.

However, when Mr. Li attempted to withdraw his funds, he was met with demands for additional payments disguised as taxes and fees, revealing the scam's true nature. The defendants vanished with his money, leaving him financially devastated. The complaint alleges violations under the Racketeer Influenced and Corrupt Organizations Act (RICO), accusing the defendants of wire fraud and operating a criminal enterprise aimed at defrauding victims like Mr. Li.

Mr. Li is seeking comprehensive relief from the court, including the return of his stolen assets through a constructive trust, monetary damages including statutory trebled damages under RICO provisions, punitive damages, and injunctive relief to prevent further unlawful acts by the defendants. He also requests compensation for legal costs and interest accrued on the lost funds.

The plaintiff is represented by Marshal J. Hoda of The Hoda Law Firm PLLC. This case was filed in the United States District Court for the Eastern District of New York under Case No. 1:25-cv-00892.

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