SEC Charges China-based QZ Asset Management Ltd. and its CEO in Pre-IPO Fraud Scheme

The Securities and Exchange Commission today announced charges against China-based investment adviser QZ Asset Management Limited a/k/a Qianze Asset Management Limited (QZ Asset), its South Dakota-based holding company QZ Global Limited, and the CEO of both entities, Blake Yeung Pu Lei a/k/a Yang Pulei (Yeung), with fraud for lying to clients and prospective clients regarding the safety of their investments, the investment adviser’s relationships with certain well-known banks and law firms, and the holding company’s initial public stock offering. The SEC complaint alleges that QZ Asset, QZ Global, and Yeung defrauded hundreds of individuals out of at least $6 million.