As reported by the local online edition Ejinsight, citing the Hong Kong Economic Journal, Hong Kong well-known commentator and analyst of the stock market Raymond Yuen was accused of complicity in the cryptocurrency fraud scheme.
November 4, defrauded investors, together with representatives of the Democratic party of Hong Kong, held a press conference: they stated that they lost 3.2 million Hong Kong dollars in the investment scheme, which was advertised by Yuen. According to investors, Yuen, who regularly commented on the situation on the stock markets, prompted them to invest in the company specializing in the service cloud of mining. However, the analyst is silent about the possible risks and hid their personal vested interest in the success of this project. Investors believe that the contract contains details in which “the devil lurks”.
According to Ramon Yuen Hoi-man, press-Secretary of the working group on financial policies of the Democratic party and a member of the County Board Samsao, in may this year Raymond Yuen promised potential investors that they will return the invested money within 9-10 months after which it will start to make a profit, but these predictions proved to be false.
One of the victims complained that invested in the company 100 000 Hong Kong dollars of his personal funds and $ 200,000 that was borrowed and is now forced to work several jobs to pay off debts.
Advertising the project on social networks, Yuen promised that he will bring financial well-being not only by investors, but “three generations of their descendants”.
According to the lawyer of the Noise van-VA, member of the Council of the district Montalcini, the contract was structured so that the investors have waived the right to submit, in case of failure of the project, a class-action lawsuit against the company, limiting the possibility of filing a lawsuit in the arbitration court of the UK. The noise is noted that this condition almost deprived investors of the chance to obtain compensation for the damages.
Yesterday Yuen published online (presumably) response to the charges, but deleted it 20 minutes later. He did not respond to a request for comment from the Ejinsight. According to police, before one of them suspects in the case have not been arrested.