Whitfield & Crane Returns $22 Million to Retirees Defrauded by Fake Investment App
Press Release
Hundreds of retirees who lost savings to a fraudulent investment app that promised guaranteed returns have received their money back after Whitfield & Crane traced and froze the proceeds of the scheme.
The firm’s open-source investigation unit attributed the app to a four-person syndicate operating from three countries, and mapped the wallet clusters through which the proceeds were laundered.
“The victims of these apps are not naive — they are targeted by professionals,” said Amelia Duarte. “Our answer is to be more professional.”