30 billion scam: an old mans enmity with securities and trust companies

category:Finance
 30 billion scam: an old mans enmity with securities and trust companies


Although Guangzhou has passed the White Dew season in September, it is still sultry and humid, with continuous rain for half a month. Walking in this most unlike the first tier city in the first tier city, you can see everywhere the old herbal tea stands on the street, many 70-80-year-old people, they are regular customers who love to drink morning tea. Like them, Mr. Wang, who is already in his eighties, has always been satisfied with his leisure life since his retirement. However, the appearance of a big event in 2019 is like a bolt from the blue, which really upset him.

Travel thousands of miles only for explanation

It was 5:30 p.m. when the editor of financial watch network interviewed Mr. Wang, he was on the way home. He had just returned to Guangzhou from Shanghai. Although he was obviously unable to bear his health, he was slightly relieved that the investor conference he had been waiting for was progressing smoothly. As the flow of vehicles moved slowly, Mr. Wang told the editor of this column that the only purpose of his trip to Shanghai had been achieved - as one of the representatives of many investors in Yunyong trusts collective fund plan, he would reflect the demands of investors to Xiangcai securities and negotiate with securities companies on the deferred redemption plan of related products. Although at the investor conference, Xiangcai Securities said that it would coordinate as soon as possible, and promised to negotiate with Yunnan trust to solve the problem of paying the principal and interest of clients, but when to fulfill the promise was just an empty promise, and the result of running thousands of miles was still a empty check.

Complaints are fruitless and cashed indefinitely

Remembering that more than a year ago, he transferred 3.1 million funds, which accounted for 92% of the family assets, through CITIC Bank (5.050, 0.01, 0.20%) at one time, and invested in Yunnan trust Yunyong No.11 product. Mr. Wang told the editor of financial watch.com that he was deceived by acquaintances. 2018 is the sixth year of his purchase of financial products in Xiangcai securities. This trust product with an annual interest rate of 8% and a term of one year was highly recommended by the managers he had trusted and cooperated with for many years before he finally decided to buy it.

What made him very angry was the Yin-Yang face of the staff of the sales department. The old man told the editor that when promoting Yunyong No. 11, the sales staff of Hengfu Road Business Department of Xiangcai securities in Guangzhou were very enthusiastic and enthusiastic. When the contract expired, the product trustee Guangdong Chengxing had a broken capital chain and financial crisis, the staff of the sales department immediately turned over their faces and refused to accept the account. u201d, refuse to accept the joint and several liability of the sales department.

Since the communication with the sales department was ineffective, the old man had to complain to the Guangdong Securities Regulatory Commission. He clearly remembers that when the sales manager sold the products, he clearly pointed out that he did not meet the requirements of an investor with a net asset of no less than 5 million yuan. Now they do not say a word and evade their responsibilities. Such illegal sales operation should be punished, but in the written reply of Guangdong Securities Regulatory Bureau on March 17, it was not confirmed that the business department had such illegal operation. This is tantamount to making Mr. Wangs hard-working complaint slip into water.

(Photo courtesy of Mr. Wang)

Mr. Wang said that he didnt really know the risk of Yunyong No. 11 product. He only agreed to understand the sales managers initiative proposal for purchasing Yunyong products because of his long-term cooperation with the sales department and his trust in each other. However, what he didnt expect was that his trust in Xiangcai had been placed in a completely passive position.

The same familiar behavior also appears in other investors who buy trust products in Xiangcai. Com, an investor, Ms. Wang, asked indignantly at the communication meeting for investors rights protection of Xiangcai securities on August 12 this year, as an old customer of Xiangcai for 14 years, tens of millions of assets have been placed here, but now my heart and all my emotions have been greatly hurt Harm. Our assets through your trust channel, but how is Xiangcai managed? There are so many loopholes in the process of confirming the rights of the underlying assets. Any express brother can cheat in the middle. Who will not be cheated by others You are licensed, qualified and capable. Instead of P2P, what you get is the trust and hard work of 14 year old customers like me. Are you worthy of investors? In this regard, Xu Yan, chairman of Xiangcai securities, and other senior executives only lowered their heads and kept silent.

(images from the Internet)

A huge scam

Luo Jing, as one of the defendants in the case of Yunnan trust suing Chengxing, kangan, Suning and Luo Jing, was once known as commercial Mulan. She is a member of Mulan Hui, the most influential business women leader club in China. She is also the chairman of Guangdong Chengxing international holding company, the legal representative of Guangdong Zhongcheng Industrial Holding Co., Ltd. and the legal representative of Suzhou Shengjun Marketing Management Co., Ltd On June 20, 2019, he was detained by the public security organ for his suspected fraud of financing funds of 30 billion yuan and bribery of more than 3 million Hong Kong dollars to the business counterpart.

According to the information currently collected by editors of kandian.com, in 2017, Guangzhou Chengxing invested 1.4 billion yuan in backdoor subsidiary Suzhou Shengjun. Surprisingly, according to the 2014-2016 financial report data released by Chengxing, Guangdong Province, the net profit and net assets of Chengxing, with an average annual revenue of less than 1.8 u2030 of the revenue, are the net profits and net assets of Chengxing, and the net profit ratio decreases year by year. A company with such a low profit level and weak debt paying ability generously gave 1.4 billion yuan to buy a shell. It is easy to rely on the fraud of radish seal and accounts receivable to successfully finance and replenish blood in many trust companies. Is it that the capital helmsman behind is too old-fashioned and good at using routines, or are these securities and trust companies themselves not as professional, standardized and rigid as investors expect a block? According to the editor of this column, although Luo Jings fraud case involves a lot, there is a fact beyond doubt: Guangdong Chengxing forged the accounts receivable contract with Suning and Jingdong with radish seal. Yunnan trust and Noah wealth did not conduct a standardized investigation on this, and hastily sent a total of 4.5 billion yuan of financing funds to this backdoor company whose profitability is far below the level of normal trading companies.

The editor of financial watch network once interviewed the general manager of Hengfu Road Sales Department in Guangzhou. The other side said that the sales process of the sales department met the standards after the examination of the regulatory department. Unless the investors have direct evidence, they would not accept Mr. Wangs unreasonable demands. At the same time, out of a reasonable understanding of the urgency of customers to recover the cashed capital, they have regularly provided the investors with monthly product reports and specific information The redemption of money needs to wait for the final trial result of the case of Yunnan trust suing Chengxing, Kangan, Suning and Luojing. The court will treat the result fairly and handle it according to the law. (according to the requirements of the respondents, the above contents only represent their personal opinions)

In this way, the editor of liandian.com thinks that in the capital supply chain system of interest game, the funds invested by individual investors are like screws which are found to strengthen the machine shell. If the engine of this machine runs normally and successfully, everyone will gain profits. But if the engine suddenly fails and stops one day, these screws will be trapped in this stagnation indefinitely On the machine, unless the machine is scrapped or coordinated by a third-party repairman, the individual investor can not choose to withdraw safely.

For the family

3.1 million yuan was locked up at one time, which has always been a very depressing knot for the elderly. Although the content of the case seems to be a certain distance away from his existing knowledge, because the judgment result is directly related to whether he can get back the principal and interest, the old man has to wear presbyopia glasses as a student, trying to understand the meaning of this one bit by bit. Mr. Wang told the editor of financial Watch: before the accident, he only heard and read the relevant news on the news at most, but he did not have a detailed understanding of similar cases, and would not expect that the same incident would happen to him one day. The old man, who knows little about the terms of the trust contract, has no experience to follow in dealing with such incidents. Now, in addition to getting the monthly report of Yunyong products on schedule, the only thing he can do is to wait for the court to announce the final verdict.

But waiting is like waiting for death, which is not an easy thing for Mr. Wang. His family still has a mortgage to repay, and his and his wifes retirement income is not enough, which means that he cant do his best for his lovely grandsons school expenses. The old man is on pins and needles, but he has nothing to do. The old man is still determined to go on this difficult road of recovery. He tells the editor of this column that all these things are not only for himself, but also for his family. This kind of resentment between investors and asset management agencies is repeated in real life every day. The road of safeguarding rights is long and rough, and this complex zero sum game is still going on

Source of this article: Yang Bin, editor in charge_ NF4368