Hypes, funds, fiat money

05/11/18 09:37 UTC-4

Raymond Yuen, a Hong Kong crypto-celebrity, was charged with Ponzi fraud

Raymond Yuen was accused of fraud
Raymond Yuen was accused of fraud

Hong Kong stock-market entrepreneur Raymond Yuen was accused of fraud and deception of users in investing in the CryptocurrencyMining PonziPonzi
Modell Ponzi ist ein ökonomischer Finanzbegriff, der eine Art von Investionsabenteuer bezeichnet, die sogenannte "Investitionspyramide".Details
Scheme project, – "The Standard" (Hong Kong edition) reports.

According to the report, the Hong Kong founder of the fund, Raymond Yuen, promised investors a large profit after investing in miningMining
– is a type of activity for creating new blocks in the Blockchain to ensure proper system operation. Details
cryptocurrency. In addition, investors had to sign an agreement for a 10-month purchase of mining fund services in orderOrder
– automatic application to buy or sell cryptocurrency. Orders are used during trading on the stock exchange to open and close a position. Details
to make a "profit". According to the law enforcement agencies, the foundation turned out to be nothing more than a fraudulent Ponzi scheme.

Acting District Counselor and Deputy Spokesman for the Financial Policy Group of Sham-Shui-Po, Hoi-Man: "The Democratic Party has stated that it has received at least 12 complaints against Raymond Yuen. In this case, the losses were estimated at between 10,000 and 600,000 Hong Kong Dollars. Since May of this year, more than 12 people aged from 25 to 60 have joined the investment mining program. They are known to include crypto–professionals, young university graduates and even retirees. The total investment amounted to almost 7 million Hong Kong dollars."

Ramon Yuen Hoi-Man added that Yuen promised investors a refund after a 10-month period and a high percentage of profits. However, the return to depositors was declining on a monthly basis, and eventually went down to zero.

Wong Tai-Sin, a lawyer and member of the county council, said that the agreement signed by investors was a trap because it included a waiver of the right to file a lawsuit against Raymond Yuen.

Editor: Yuliya Soroka

See also: "The fraudulent Ponzi scheme cost the hedge-fund more than $ 2.5 million"

#RaymondYuen #Ponzi #fraudscheme

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