United States SEC Charged China-Based Investment Firm QZ Asset Management (Qianze), United States-Based QZ Global & CEO Blake Yeung Pu Lei (Yang Pulei) for $6 Million Pre-IPO Fraud Including Lying on the Safety of Investments, Relationships with Banks & Law Firms, QZ Asset Uses AI-Based Technology to Generate Extraordinary Weekly Returns & 100% Protection of Funds, Claims QZ Global Had Applied to be Listed on Nasdaq Global Select Market
29th August 2024 | Hong Kong
The United States Securities & Exchange Commission (SEC) has charged China-based investment firm QZ Asset Management (Qianze), United States-based QZ Global & CEO Blake Yeung Pu Lei (Yang Pulei) for $6 million pre-IPO fraud including lying on the safety of investments, relationships with banks & law firms, claiming QZ Asset uses AI-based technology (Artificial-Intelligence) to generate extraordinary weekly returns & 100% protection of funds, and claiming QZ Global had applied to be listed on Nasdaq Global Select Market. United States SEC (27/8/24): “The Securities and Exchange Commission today announced charges against China-based investment adviser QZ Asset Management Limited a/k/a Qianze Asset Management Limited (QZ Asset), its South Dakota-based holding company QZ Global Limited, and the CEO of both entities, Blake Yeung Pu Lei a/k/a Yang Pulei (Yeung), with fraud for lying to clients and prospective clients regarding the safety of their investments, the investment adviser’s relationships with certain well-known banks and law firms, and the holding company’s initial public stock offering. The SEC complaint alleges that QZ Asset, QZ Global, and Yeung defrauded hundreds of individuals out of at least $6 million. According to the complaint, QZ Asset and Yeung falsely claimed that QZ Asset would use its proprietary AI-based technology to help generate extraordinary weekly returns while promising “100%” protection for client funds and that well-known and reputable financial and legal firms were providing services to the company. The complaint also alleges that the defendants falsely claimed that QZ Global had applied to have its common stock listed on the Nasdaq Global Select Market and that they had positive communications with SEC staff regarding this effort. In addition, QZ Global allegedly touted its SEC filings, which were materially deficient, to lure clients and prospective clients into handing over their funds to QZ Asset. According to the complaint, after engaging in this global, multi-million-dollar fraud, the defendants allegedly stopped communicating with clients and QZ Asset’s website, which clients used to access their funds, was taken down. The SEC’s complaint charges the defendants with violating the antifraud provisions of the federal securities laws and seeks permanent injunctive relief, return of allegedly ill-gotten gains, and civil penalties. The SEC’s ongoing investigation is being conducted by Yamini Piplani Grema, with assistance from Jodanna Haskins and Helena Engelhart Bean of the Denver Regional Office and additional assistance from the SEC’s Office of International Affairs. It is being supervised by Danielle R. Voorhees, Nicholas P. Heinke, and Mr. Burt. The litigation will be led by Ms. Haskins and will be supervised by Gregory A. Kasper, Mr. Heinke, and Mr. Burt. The SEC appreciates the assistance of the Financial Industry Regulatory Authority.”
“ United States SEC Charged China-Based Investment Firm QZ Asset Management (Qianze), United States-Based QZ Global & CEO Blake Yeung Pu Lei (Yang Pulei) for $6 Million Pre-IPO Fraud Including Lying on the Safety of Investments, Relationships with Banks & Law Firms, QZ Asset Uses AI-Based Technology to Generate Extraordinary Weekly Returns & 100% Protection of Funds, Claims QZ Global Had Applied to be Listed on Nasdaq Global Select Market “
United States SEC Charged China-Based Investment Firm QZ Asset Management (Qianze), United States-Based QZ Global & CEO Blake Yeung Pu Lei (Yang Pulei) for $6 Million Pre-IPO Fraud Including Lying on the Safety of Investments, Relationships with Banks & Law Firms, QZ Asset Uses AI-Based Technology to Generate Extraordinary Weekly Returns & 100% Protection of Funds, Claims QZ Global Had Applied to be Listed on Nasdaq Global Select Market
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