Bingqing Yang and Luca International Group– Ponzi-like Scheme and Affinity Fraud
Bingqing Yang and Luca International Group Allegedly Ran a $68 million Ponzi-like Scheme and Affinity Fraud Targeting the Chinese-American community in California and investors in Asia
Bingqing Yang and Luca International Group allegedly operated a $68 million Ponzi-like Scheme and affinity fraud targeting the Chinese-American community in California and investors in Asia, according to a recent SEC Complaint FINRA Letter of Acceptance, Waiver, and Consent (AWC) currently under review by attorneys Alan Rosca and Joe Peiffer.
Furthermore, Bingqing Yang also allegedly knew that Luca International Group was earning no profits and floundering under a tidal wave of debt, yet she made presentations to investors portraying a successful oil-and-gas operation with millions of barrels of oil reserves and billions of cubic feet in gas reserves, the SEC Complaint reports.
Bingqing Yang and Luca International Group allegedly solicited some investors as part of the EB-5 Immigrant Investor Program, the SEC also reports. The Peiffer Rosca Wolf securities lawyers are currently investigating Bingqing Yang and Luca International Group’s alleged Ponzi scheme.
Bingqing Yang Allegedly Raised Approximately $8 Million from EB-5 Investors to Purportedly Finance Jobs and Development Costs through Loan to another Luca Entity
Bingqing Yang allegedly raised approximately $8 million from EB-5 investors in order to purportedly finance employment opportunities and development costs for eight oil-and-gas drilling projects through a loan to another Luca entity, according to a recent SEC Complaint currently under review by attorneys Alan Rosca and Joe Peiffer.
Yang also allegedly made false projections of outsized investment returns ranging from 20 to 30 percent annually, and also allegedly commingled investor funds to prevent the scheme from collapsing, using money from new investors to make sham profit payments to earlier investors, the Complaint notes.
Furthermore, Yang also allegedly diverted $2.4 million in investor funds through her brother’s company in Hong Kong for the purported purchase of an oil rig, but instead used it to buy a 5,600-square-foot home in an exclusive gated community in Fremont, California, the SEC alleged. Finally, Yang allegedly used investor funds on pool and gardening services, personal taxes, and a family vacation to Hawaii, the SEC notes.
Securities Lawyers Investigating
The Peiffer Rosca Wolf securities lawyers often represent investors who lose money as a result of alleged Ponzi schemes, and are currently investigating Bingqing Yang and Luca International Group’s alleged Ponzi scheme. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of Bingqing Yang and Luca International Group alleged Ponzi scheme and affinity fraud may contact the securities lawyers at Peiffer Rosca Wolf, Alan Rosca or Joe Peiffer, for a free no-obligation evaluation of their recovery options, at 888-998-0520.