SEC Charges China-Based Investment Company, CEO for Fraud

Published on August 27, 2024

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. “The defendants’ brazen fraud alleged in our complaint, including their abuse of the SEC’s filing process to prey on individuals in the United States and across the world, is reprehensible,” stated Jason J. Burt, regional director of the SEC’s Denver office....

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