The following is a guest editorial from Wilton Police Department Deputy Police Chief Robert Cipolla.
Year-over-year the resounding majority of our criminal investigations in the Town of Wilton are centered on financial crimes, in particular fraud schemes. According to National Incident Based Reporting Statistics (NIBRS) there were 88 and 43 fraud offenses reported in the Town of Wilton in 2023 and 2024 respectively.
Fraud schemes take many forms such as tech support, family emergency (a.k.a. grandparent), work from home, imposter or gift card scams to name a few. The underlying principles remain the same though. The fraudster will create a sense of urgency by building trust and playing on emotions and fear. Through deception the fraudster can convince the victim to act quickly, separating the victim from their money.
The purpose of this article though is to discuss a different type of fraud scheme. One that does not necessarily cause the victim to act quickly immediately, but instead is a longer-con. These are crypto investment fraud schemes, also referred to as “pig-butchering.” It is a type of long-term investment scam in which fraudsters lure victims into making increasingly large contributions into fraudulent schemes and accounts, often using cryptocurrencies — essentially “fattening” victims up before “slaughtering” their finances.
In the Town of Wilton we’ve investigated two of these types of schemes in the last couple of years. While less frequent in their reporting, the financial losses have been significant. According to the FBI’s Internet Crime Complaint Center, or IC3, victims reported $3.9 billion in estimated losses from investment fraud related to cryptocurrency in 2023. Sadly, due to underreporting the losses are likely significantly higher.
How does the scam start?

It often begins with a text message appearing to be a wrong number. However, through extensive psychological and emotional manipulation tactics the fraudster will manage to nurture the “serendipitous” connection with an unassuming victim.
Next, the fraudster will often look to move the conversation to an encrypted messaging platform, commonly WhatsApp. The difference in this type of scam is that the fraudster will invest significant time in building a trusting relationship with the victim. These relationships may take the form of romantic interest, friendship or business investment opportunities. The relationship building may occur over days, weeks or months before any financial component or investment “opportunity” is introduced.
Once the fraudster has gained the confidence of the victim, they will gradually begin to introduce crypto investment opportunities. The fraudster will coach the victim through the process of setting-up digital wallets and transferring funds through detailed instructions and screenshots. Once money begins to transfer the fraudster will provide fictitious documentation that highlights impressive financial returns on the investments. Sometimes they may allow the victim to actually withdraw smaller sums of money from their “returns.” With trust and confidence established over time and seemingly high-yield investment returns, the fraudster convinces the victim to invest increasingly larger sums of money. Before too long, the financial loss is devastating.
How can you avoid this scam?
- If it seems too good to be true, it probably is
- Don’t trust that unexpected text or direct message from a stranger
- Never share your personal identifying or financial information
- A request to switch communication to a different messaging platform is a red flag
- Be weary of attempts to isolate you from family, friends, and trusted contacts
- Do your own research on any investment opportunities or speak to a trusted financial advisor
- Don’t be quick to act
- Talk to a trusted family member, friend or police
What should you do if you discover you are a victim?
First and foremost, don’t be ashamed. We recognize that the financial loss is not the only pain endured in this type of confidence scam. There is emotional trauma, embarrassment, and feelings of betrayal. However, timely reporting is key if there is any opportunity to recover stolen monies.
- Stop making investments or payments
- Contact your financial institution
- Compile records of financial transactions and communications
- Contact the police
- File a report with the FBI Internet Crime Complaint Center online
We at the Wilton Police Department are here to help. We have skilled investigators throughout our ranks. Most importantly we’ll treat you with compassion and empathy. Please don’t hesitate to contact us.
Robert Cipolla has been a member of the Wilton Police for 19 years, and currently is the Deputy Chief overseeing department operations. He has a Bachelors Degree in criminal justice and a Master Degree in public administration from Marist College. He is a member of the Connecticut Chapter of the International Association of Financial Crimes Investigators (IAFCI) and holds the professional certification of Certified Financial Crimes Investigator.


