The Troy Police Department arrested 32-year-old Yanling Xie, charging him with one count of false pretenses involving $100,000 or more. The charges stem from an alleged online investment scam that deceived a local resident out of hundreds of thousands of dollars.
The resident reported that in July, they joined a messaging group promising health and financial advice, which encouraged investments in U.S. and Chinese stocks, claiming to have access to an AI that could predict market trends. Over several months, the resident made eight in-person payments but was subsequently told that more payments were needed to withdraw funds.
Police arranged a meeting with Xie, who was arrested on July 22. He was arraigned on July 25 and is set for a probable cause conference on August 6. The investigation is ongoing.
