Scams Radar

SEC Pursues QZ Asset Management Scammers in China

The U.S. Securities and Exchange Commission SEC puesues QZ Asset Management Ponzi scammers, led by Blake Yeung Pu Lei, who allegedly defrauded investors of millions. After the scheme’s collapse, Yeung is believed to have gone into hiding in China.

SEC Pursues QZ Asset Management Scammers in China

Legal Action and Challenges

On August 26, 2024, the SEC puesues QZ Asset Management, its U.S.-based shell company QZ Global Limited, and Yeung for orchestrating a $6 million fraud, falsely promising 2.5% to 7% weekly returns using AI-based technology and claiming partnerships with reputable firms. The SEC’s complaint, filed in South Dakota, accuses them of violating securities laws by misleading investors about the safety of funds and a fictitious NASDAQ listing.

On May 19, 2025, the SEC reported difficulties serving legal documents to Yeung and QZ Asset, believed to be in China. An initial attempt on April 15, 2025, failed due to an incorrect address. The SEC has identified four new potential addresses and is translating documents into Mandarin for a second attempt via the Hague Convention, expected to take three to six months.

Scheme’s Collapse

Launched in late 2022, QZ Asset Management, operating as Qianze Asset Management, was a 400% ROI MLM crypto Ponzi scheme targeting investors in Africa, particularly South Africa (56% of website traffic), the Philippines, and the Democratic Republic of Congo. The scheme collapsed in May 2023 after disabling withdrawals under a false “SEC audit” pretext, followed by the website going offline.

Investor Alert: Exercise caution with investment schemes promising high returns. Verify legitimacy with regulators like the SEC to avoid scams.