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SEC Charges China-Based Investment Company, CEO for Fraud

The CEO touted SEC filings that were ’materially deficient' to defraud hundreds of people out of millions of dollars, according to the SEC complaint.
SEC Charges China-Based Investment Company, CEO for Fraud
The headquarters of the U.S. Securities and Exchange Commission in Washington on May 12, 2021. Reuters/Andrew Kelly/File Photo
Catherine Yang
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The U.S. Securities and Exchange Commission (SEC) announced on Aug. 27 that it had charged China-based investment adviser QZ (Qianze) Asset Management Ltd., its South Dakota-based holding company, and its CEO, Blake Yeung (Pu Lei), for fraud.

The SEC alleges Yeung and his companies defrauded hundreds of people out of at least $6 million in a pre-IPO scheme. Yeung had previously been accused of running a pyramid scheme.

Catherine Yang
Catherine Yang
Author
Catherine Yang has been with The Epoch Times in New York since 2008. She also launched and previously served as chief editor of American Essence magazine and Epoch Health.