townhall.com By Scott McClallen
A federal grand jury in the District of Columbia returned an indictment yesterday charging a Hong Kong man for his role in a conspiracy to file false and deceptive investment adviser forms with the U.S. Securities and Exchange Commission for at least 10 shell business entities that he and co-conspirators created.
The false forms gave the impression that the entities were legitimate financial advisers, though they were sham entities. At least two of these false entities were then used to induce retail investors through social media and WhatsApp chats to purchase the stock of Chinese companies listed on NASDAQ.
“Today’s indictment charges the defendant for his alleged role in a complex securities fraud scheme that caused hundreds of millions of dollars in investor losses,” said Acting Assistant Attorney General Matthew R. Galeotti of the Justice Department’s Criminal Division. “The Criminal Division is fully committed to stopping foreign actors who victimize American retail investors. Under my leadership, the Criminal Division will aggressively investigate and prosecute criminals who steal the hard-earned savings of U.S. citizens through fraud and deceit…
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