On March 21, 2025, federal prosecutors in Chicago, Illinois indicted seven individuals for stealing over $214 million from Amerrican citizens through a “pump and dump” investment scam, where:
- A group of Chinese individuals posed as US-based investment advisors on social media and deceive victims by falsely promising significant returns from investments in China Liberal Education Holdings, Ltd, a Cayman Islands-based company that purportedly provided educational services in China.
- Once the stock prices artificially rose, the defendants made millions by selling thousands of shares, ultimately causing the stock price to fall at the expense of their victims.
Seven individuals were indicted on charges of wire fraud and securities fraud, punishable by up to 20 years and 25 years respectively, but are not currently in custody by authorities:
Lim Xian Jie Cedric (50)
Ming-Shen Cheng (36)- Ko Sen Chai (57)
- King Sung Wong (39)
- Siong Wee Vun (37)
- Chien Lung Ma (54)
- Kok Wah Mong (56)
Approximately $214 million was seized from the scam operation with the intent on having them permanently forfeited to the states so they can be returned to their victims.