Category: financial fraud

Fintech CEO Sentenced to 6 Years in Prison for COVID-19 Relief Loan Fraud, Investment Fraud

August 12, 2021
CARES actCrime and Incidentsfinancial fraudfintechJudiciaryLocal NewsRegional-Local NewsUS
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Audrey Strauss, U.S. Attorney for the Southern District of New York, announced on Wednesday in a statement, that Sheng-Wen Cheng, a CEO of a financial technology company has been sentenced to 6 years in prison for fraudulently obtaining $7 million in government loans intended to provide relief during the COVID-19 pandemic as well as for…

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Florida Couple Plead Guilty to Housing, Employing Illegal Immigrants at Their Restaurants

March 30, 2021
Crime and IncidentsFeatured Topicsfinancial fraudFloridaillegal immigrationimmigrationImmigration & Border SecurityUSUS News
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A Florida couple have pleaded guilty to federal charges related to their employment of illegal immigrants at their restaurants, according to the U.S. Attorney’s Office for the Middle District of Florida. Ji Lin Qiu, 44, and his wife, Gui Zhen Yang, 37, who both live in Palm Coast, are permanent U.S. residents who came from China….

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Florida Couple Plead Guilty to Employing Illegal Immigrants at Their Restaurants

March 30, 2021
Crime and IncidentsFeatured Topicsfinancial fraudFloridaillegal immigrationimmigrationImmigration & Border SecurityUSUS News
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A Florida couple have pleaded guilty to federal charges related to their employment of illegal immigrants at their restaurants, according to the U.S. Attorney’s Office for the Middle District of Florida. Ji Lin Qiu, 44, and his wife, Gui Zhen Yang, 37, who both live in Palm Coast, are permanent U.S. residents who came from China….

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Chinese Regulator Fails to Investigate Company Delisted for False Financial Reports

March 22, 2021
ChinaChina Business & EconomyChina Securities Regulatory CommissionChinese Regimedelistingfinancial fraudKangde Xin Composite Material Group
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Insiders revealed to The Epoch Times that the China Securities Regulatory Commission favored interest groups, leaving small and medium retail investors to bear losses in the case of a delisted company accused of falsifying $2.3 billion in financial data. Jiangsu Province-based Kangde Xin Composite Material (Kangde Xin) is a technology company focused on pre-filming materials,…

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Chinese Investment Firm Under Investigation for Fraud, 12 Executives Arrested

March 3, 2021
ChinaChina Business & EconomyChina economyfinancial fraudinvestment firm
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Financial firm Dalian Huaxun Investment Co., Ltd. has been ordered by Chinese authorities on Feb. 28 to suspend its business operations due to allegations of fraud and false advertising. So far, 147 employees, including the chairman and 11 executives, have been placed under criminal investigation on charges of fraud and running a false advertising scam involving 2.7…

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