As a researcher with a keen interest in finance and criminal activities, I find myself deeply troubled by the case of Yang Bin, a man who has seemingly made a career out of deceit and fraud. His latest scheme, disguised as a legitimate crypto investment operation, was nothing more than a Ponzi scheme that left hundreds of investors with millions in losses.
Previously one of China’s wealthiest individuals, Yang Bin, was found guilty and given a six-year sentence in a Singaporean penitentiary. His crime involved running a massive, fraudulent investment operation that masqueraded as a cryptocurrency venture.
On August 26th, the 61-year-old individual of both Chinese and Dutch nationality admitted guilt for eight offenses, which included participating in a deceitful scheme, working without a valid permit, and was ordered to pay a fine of S$16,000.
As a crypto investor, I’ve unfortunately fallen victim to the deceptive practices of A&A Blockchain Innovation, run by Yang, who swindled over 700 investors like myself out of approximately S$1.1 million from the total investment of around S$6.7 million made between May 2021 and February 2022, as reported in local media.
The company claimed it possessed 300,000 cryptocurrency mining devices, promising daily returns of 0.5% to investors. However, a thorough investigation revealed that no such equipment was actually in their possession. Instead, the funds from new investors were used to pay off earlier ones, a characteristic of a Ponzi scheme.
A History Of Fraud
Previously, Yang has encountered legal troubles on more than one occasion. Back in 2003, a Chinese court convicted him for tax evasion and imposed an 18-year prison term. He served some of this sentence before being freed in 2016.
His difficulties traced back to 2002, when he was assigned by North Korea to oversee economic growth in the Sinŭiju Special Administrative Region. Not long after, Chinese officials detained him at his home due to allegations of tax fraud.
Sophisticated Crypto Scheme With Bogus Returns
In simpler terms, Yang’s recent deception involves a mobile application where fabricated profits are displayed to investors. This centralized system enables the administrator to manipulate the data, inputting arbitrary numbers to display false earnings on the investors’ actual funds.
As an analyst, I can confirm that Deputy Public Prosecutor Wong Shiau Yin asserted that a certain individual named Yang played a significant part in the operation at hand. Notably, Yang failed to provide restitution for the affected parties. Additionally, it was disclosed that the enforcement authorities retrieved S$100,000 from Yang’s residence, and he openly acknowledged that this money was from the investors.
Locked Up
District Judge Brenda Chua imprisoned Yang for six years, considering that he held a greater degree of responsibility than the other defendants, who still have their court cases pending.
In the process, Yang’s attorney, Teo Choo Kee, successfully negotiated a slight reduction in Yang’s sentence. He presented compelling arguments to the court, emphasizing that Yang deserved leniency due to his prompt admission of guilt, early cooperation with the police, and willingness to plead guilty.
In relation to financial aspects, the judge mentioned that the amounts at stake were significant, and the victim’s complaints dated back for several years, with no compensation provided as of yet.
Yang’s harsh penalty served as a deafening alarm for anyone who had invested in unregulated or fraudulent cryptocurrency ventures. It serves as a reminder that, given the fast-paced development of this industry, investors must exercise extra vigilance and caution when considering any investment today.
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2024-08-26 23:12