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在线翻译:
szdaily -> Shenzhen -> 
Ex-chairman charged with illegal fund-raising
    2018-08-23  08:53    Shenzhen Daily

WENG TAO, former chairman with China Red Cross Bo’ai Asset Management Ltd. Corp., has been handed over to Luohu People’s Procuratorate for prosecution, according to a report by the Southern Metropolis Daily, quoting a source from the city’s procuratorate.

Weng faces charges of illegal fund-raising and scamming for issuing virtual currency GCI through Shenzhen Guangcai Investment and Shareholding Co., and developing members through pyramid sales schemes.

Weng acquired another virtual currency issuer called Shenzhen First Shareholding Co., combined the two currencies into Global Currency Keycoin, and illegally raised funds from the public through a Keycoin point accumulation scheme.

With the money raised, they purchased some shares of a mining project in Hebei Province and continued to raise funds by swapping the shares with its members through the Keycoin point accumulation scheme.

Weng caused heavy losses to investors as he couldn’t pay back their investments as promised.

Weng and his company, China Red Cross Bo’ai Asset Management Ltd. Corp., caught public attention in 2011 when a young woman named Guo Meimei, girlfriend of one of the company’s board members named Wang Jun, showed off her luxury cars and handbags online. Guo claimed to be a commercial general manager of a company that organizes charity activities for the society. Her conspicuousness raised public questions about how she could fund such a lavish lifestyle.

Wang quit his post for the scandal that damaged the reputation of China Red Cross Society. (Han Ximin, Zhang Lei)

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