[{"_1":2,"_87":-5,"_88":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,75],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":72,"_73":72,"_74":72},"mediaId",6078298,"mediaKeyId","2960077-377e101cc9fba0af7393d341958b76d1","parentId",2960077,"title","Lawmakers and former FBI agent warn of rise in ‘pig butchering’ scams, call for more resources to help seniors","audioSeconds",858,"startMs",1980000,"endMs",2838000,"viewUrl","/Search/View?dp=1&key=2960077-377e101cc9fba0af7393d341958b76d1&start=1980&end=2838","thumbnailUrl","https://assets.pipeline.soar.com/2960077-377e101cc9fba0af7393d341958b76d1/thumbnail_1980000.jpg","articleUrl","/articles/6078298/Lawmakers-and-former-FBI-agent-warn-of-rise-in-pig-butchering-scams-call-for-more-resources-to-help-seniors","mediaUrl","https://secure.pipeline.soar.com/6078298-fef3c425711886efd32234bc56b3438e/orig.mp4?Expires=1771105108&Signature=fnrh7dPgRks0ZRbT6vkvCtMEd~GrIN7GR6J9t1601T59veWRhiArKmeIRjHVLGq7H-LFilwuhakN70cM01YXC7sy5CqJH0Do4yIm~UAcFDzVjMwxrEkN~-Rles-cx2BOVTmxc6eEcwxGTj~Q-dc9ap6YOB78Gc7ogGVRmhNNgaf-ww5M3qyJcbrsWoZjp810tPQby8XUQGtDwj3ga8L7IgCJZq2UFbd~zwi5cw--Jqqnea5iRoBe1mpyMenQSFna91m3RuO6lMdAzcPuHcedc~t04VQVJXbbsY-IUL~44Q1V8v-Vc9Vk3SwvaZRXm5~uOo8iKh~AE7ph6lLHnDG0IA__&Key-Pair-Id=KUT5TJCACFTXG","author","Aging (Special)","date","2025-04-09T00:00:00Z","article","Lawmakers and former federal investigators told a joint Senate–House hearing on Oct. 12 that organized criminal networks — some operating in Southeast Asia and tied to actors in China — are running sophisticated \"pig butchering\" scams that have cost older Americans billions and routinely cross international borders.

The hearing focused on how scammers gain victims’ trust with romance or investment ruses, then push them into fake platforms and apps that drain savings. \"They are looking at our seniors like animals that they are fattening for slaughter,\" Senator Kirsten Gillibrand said, describing the method she and colleagues called \"pig butchering.\"

Why it matters: Witnesses said the scope of elder fraud has reached epidemic proportions and that domestic law enforcement lacks the resources to investigate most leads. They urged expanded elder-justice task forces, stronger public–private partnerships for rapid data sharing, and international cooperation to disrupt scam compounds and associated human trafficking.

Most important facts
- Brady Finta, founder of the National Elder Fraud Coordination Center and a retired FBI agent, testified that his office and local partners could investigate only a small share of leads and estimated that only about 10–15% of elder-fraud victims report crimes.
- Iacovella and others cited external analyses: the FBI reported losses to people 60 and older totaling about $3.4 billion in 2023; the U.S. Institute of Peace estimated cyber scamming operations in Southeast Asia generate roughly $44 billion annually (as cited in testimony); FTC and other figures cited in testimony estimated hundreds of billions in broader fraud losses globally.
- Committee members displayed a short video of a scam persona called \"Daisy,\" shown by Representative Raja Krishnamoorthi to demonstrate how scammers use stolen images, live filters and AI to engender trust and pressure victims toward fraudulent investments.

Supporting details and context
Witnesses described international scam \"compounds\" — coordinated operations in which trafficked or coerced people may be forced to create fake profiles or run fraudulent communications — and said criminal groups sometimes resell stolen social-media photos and operate using messaging apps and commercial internet access. Lawmakers noted published reporting that some compounds accessed satellite internet services to connect to the web, and witnesses said companies providing connectivity should be partners in identifying abuse.

Recommended responses included creating or scaling Elder Justice Task Forces in more U.S. jurisdictions, deputizing local law enforcement to support federal investigations, and establishing data-sharing arrangements with banks, telecoms and tech platforms to trace funds quickly. Finta recommended public–private coordination that aggregates signals to prioritize cases with high recovery potential.

Quotes
\"I believe the scale of fraud against America's elders has grown to epidemic proportions,\" Brady Finta said. \"We only are able to address less than 1% of the leads.\"

\"They know that they are worth trillions of dollars,\" Senator Gillibrand said of criminal networks targeting seniors.

What the hearing did not decide
No new federal funding or policy was approved at the hearing. Lawmakers called for follow-up work, including proposals to harden reporting systems, expand elder-justice task forces and increase real-time data sharing with the private sector.

Ending
Members urged bipartisan, interagency and international action to disrupt transnational fraud networks and to increase support for local investigators and victim recovery services. The witness testimony underscored a consensus that prevention, tech-enabled detection and cross-border law enforcement cooperation are needed to reduce the scale of elder fraud.

","mediaType","Video","parentTitle","Financial Aggression: How the Chinese Communist Party Exploits American Retirees and Undermines National Security April 9, 2025","oneSentenceSummary","Witnesses described ‘pig butchering’ romance-investment scams, scam compounds in Southeast Asia, and human trafficking linked to transnational fraud rings. Lawmakers sought more local–federal coordination, technology partnerships and expanded elder-justice task forces.","taxTitle","Aging (Special), Special, Select and Other Committees - House & Senate, Congressional Hearings Compilation, Legislative, Federal","taxId",2006,"location","","headline","shortSummary",{"_33":76,"_35":36,"_37":38,"_39":77,"_41":78,"_43":79,"_45":80,"_47":81,"_49":82,"_51":83,"_53":84,"_55":56,"_57":58,"_59":85,"_61":62,"_63":64,"_65":86,"_67":68,"_69":70,"_71":72,"_73":72,"_74":72},6078303,"Lawmakers, witnesses urge stricter enforcement of U.S. rules to shield seniors’ retirement accounts from China-linked firms",9051,1221000,10272000,"/Search/View?dp=1&key=2960077-377e101cc9fba0af7393d341958b76d1&start=1221&end=10272","https://assets.pipeline.soar.com/2960077-377e101cc9fba0af7393d341958b76d1/thumbnail_1221000.jpg","/articles/6078303/Lawmakers-witnesses-urge-stricter-enforcement-of-US-rules-to-shield-seniors-retirement-accounts-from-China-linked-firms","https://secure.pipeline.soar.com/6078303-6c43bf372a9ab8c13bbcc0ea00692836/orig.mp4?Expires=1771105108&Signature=A4OiMcbh96-nhjk0ALORy6rp1BcEGF60F18cjehe1I~hzJNnn803oYifsZRLA370D0QQDmSq6tN9J6uqh9Z4Uqncqx5LO8lA~yuyJUIl7s73mWgE~pwiYI4EUwUnTS~TZuuzKn~kpbU7mDW0x1K8nlY0dg9M4mWefHh5SiWPgWLFU4Dq8gFTVhpJD~vTs-iO9-reoPIhMPVk1bX-5Z7QyfH3MZTMu4L9qrZouOjA9BiRO3L6xc4sHlur2ZSEKjFb64oyU1h7Er-mheXoovrBTn6UeXo2qfsYdPYjq~ahsXis31xT0j5Va39XKMJtrtvWSJRgDC0wCP9NSxFKCdvg3Q__&Key-Pair-Id=KUT5TJCACFTXG","Senators and House members at a joint hearing with investors and industry witnesses on Oct. 12 warned that American retirees face real risk when their savings are exposed to companies subject to control by the Chinese Communist Party and to opaque corporate structures used to access U.S. capital markets.

The hearing’s witnesses and committee leaders said existing U.S. rules — notably the Holding Foreign Companies Accountable Act — have not been fully enforced, allowing some China-linked firms to remain listed on U.S. exchanges despite audit and transparency concerns. \"If you have your retirement invested in anything that is controlled by or under the jurisdiction of the Chinese Communist Party, you are at risk of losing every dollar,\" Senate Special Committee on Aging Chairman Rick Scott said in his opening remarks.

Why it matters: Committee members framed the problem as both a consumer-protection and national-security concern. Witnesses pressed regulators to apply existing law and closed legal and market loopholes that let Chinese companies raise U.S. investor money while avoiding U.S. auditing, disclosure and ownership rules.

Most important facts
- Several witnesses urged the Securities and Exchange Commission to enforce the Holding Foreign Companies Accountable Act (HFCAA), which requires firms that repeatedly refuse U.S. audit access to be delisted after specified noncompliance periods. The hearing record notes the law originally set a three-year threshold and was amended to two years in 2022.
- Witness Kevin O'Leary said many Chinese firms rely on variable interest entity structures (VIEs) and \"golden shares\" that give party-state influence over companies that appear private on paper. \"If China maintaining control of companies wasn't bad enough for investors, China prevents foreigners from owning Chinese companies,\" O'Leary said.
- Christopher Iacovella of the American Securities Association urged delisting of VIEs and closing what he described as a \"passive index loophole\" that lets index funds funnel U.S. retirement dollars into mainland Chinese companies that evade the disclosure and audit regimes required of U.S.-listed issuers.

Supporting details and context
Witnesses cited past market shocks — for example, abrupt regulatory action in China’s private education sector in 2021 — as examples of how state action can wipe out investor value quickly. O'Leary and others testified that VIEs, Cayman Island contractual structures and party influence reduce investor rights and complicate audits. Iacovella recommended aligning government prohibition lists so that entities identified as security risks by one U.S. agency are treated consistently by others and by market overseers.

Committee members and witnesses discussed proposed statutory fixes and enforcement steps: stricter HFCAA enforcement, explicit prohibitions or new guidance addressing VIEs in index funds, clearer coordination among Treasury, Commerce and DOD lists, and faster SEC action on noncompliant companies. Several speakers urged the incoming SEC chair to prioritize enforcement. The witnesses differed in how far to go (some advocated immediate delisting, others emphasized phased enforcement and interagency coordination) but agreed enforcement is the first step.

Quotes
\"There must be dozens of companies that are offside right now in compliance on GAAP. Dozens. They should have been delisted two years ago,\" O'Leary said during questioning about SEC enforcement.

\"This isn't a left-right issue or a red state-blue state issue. It's an American issue,\" Christopher Iacovella said, urging unified congressional action.

What the hearing did not decide
No formal votes or regulatory actions were taken during the hearing. Committee members discussed legislative options and urged agency action, but no new law was passed and no agency announced an immediate enforcement decision on the record.

Ending
Lawmakers left the hearing with a short list of priorities emphasized by witnesses: enforce HFCAA deadlines, close the passive-index and VIE gaps, and improve interagency coordination so that investors — particularly retirees — better understand and can avoid exposure to companies with meaningful party-state control.

","In a bicameral hearing, senators, representatives and witnesses called for enforcement of the Holding Foreign Companies Accountable Act, closing the variable interest entity (VIE) loophole, and clearer U.S. limits on investments tied to the Chinese Communist Party to protect older Americans’ retirement savings.","actionData","errors"]

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Lawmakers and former FBI agent warn of rise in ‘pig butchering’ scams, call for more resources to help seniors

Lawmakers, witnesses urge stricter enforcement of U.S. rules to shield seniors’ retirement accounts from China-linked firms