October 19, 2023
Ponzi Scheme
The SEC charged Bin Hao and his company Qidian LLC with allegedly fraudulently raising over $10 million from at least 60 investors through an unregistered securities offering to members of the Chinese-American community. Hao promised high annual rates of return but failed to disclose the Miami real estate company’s poor financial condition. He allegedly used millions of dollars of new investor money to pay prior investors in Ponzi-like fashion as well as for personal expenses.
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