United States Commodity Futures Trading Commission (CFTC) Fines 3 Individuals & 2 UK Entities $19 Million in Penalties & Restitutions for Commodities & FX Fraud (Including Misappropriating $3.6 Million) from 34 Investors, 3 Individuals are China Citizens Qian Bai & Chao Li and United States Citizen Lan Bai, 2 UK Entities are Aipu Limited & Fidefx Investments
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United States Commodity Futures Trading Commission (CFTC) Fines 3 Individuals & 2 UK Entities $19 Million in Penalties & Restitutions for Commodities & FX Fraud (Including Misappropriating $3.6 Million) from 34 Investors, 3 Individuals are China Citizens Qian Bai & Chao Li and United States Citizen Lan Bai, 2 UK Entities are Aipu Limited& Fidefx Investments
26th July | Hong Kong
The United States Commodity Futures Trading Commission (CFTC) has fined3 individuals & 2 UK entities$19 million in penalties & restitutions for commodities & FX fraud (Including misappropriating $3.6 billion) from at least 34 investors.The 3 individuals are China citizens Qian Bai & Chao Li and United States citizen Lan Bai.The 2 UK entities are Aipu Limited & Fidefx Investments.Announcement (24/7/25): “The Commodity Futures Trading Commission announced today the U.S. District Court for the Western District of Washington has resolved all claims the CFTC filed in its September 2024 complaint against Qian Bai and Chao Li, both residents of the People’s Republic of China, their co-conspirator Lan Bai, a resident of Oklahoma, as well as Aipu Limited and Fidefx Investments Ltd., which were both United Kingdom private limited companies. [See CFTC Press Release No. 8987-24].The court found that the defendants, while acting as a common enterprise, operated fraudulent websites that purported to allow customers to trade for over 18 months and fraudulently solicited and misappropriated at least $3,630,849 from at least 34 customers in connection with the sale of agreements, contracts or transactions in leveraged or margined retail commodity transactions, off-exchange retail foreign currency contracts, and commodity futures contracts.On July 14, the court entered an order against Lan Bai requiring her to pay, jointly and severally, a $699,534 civil monetary penalty and restitution of $233,178 to defrauded victims for her role in the fraudulent scheme. On May 22, the court entered a default judgment against Qian Bai, Li, Aipu Limited, and Fidefx, which requires them to pay, jointly and severally, a $13,863,170 civil monetary penalty and restitution of $4,621,056. The default judgment also imposes permanent injunctions against them and bans them from trading in any CFTC-regulated markets, entering into any transactions involving commodity interests, and registering with the CFTC. Previously, the CFTC and Lan Bai entered into a consent order which imposes a permanent injunction against her and bans her from trading in any CFTC-regulated markets, entering into any transactions involving commodity interests, and registering with the CFTC.The CFTC cautions that orders requiring repayment of funds to victims may not result in the recovery of any money lost because the wrongdoers may not have sufficient funds or assets. The CFTC will continue to fight vigorously for the protection of customers and to ensure the wrongdoers are held accountable.”
“ United States Commodity Futures Trading Commission (CFTC) Fines 3 Individuals & 2 UK Entities $19 Million in Penalties & Restitutions for Commodities & FX Fraud (Including Misappropriating $3.6 Million) from 34 Investors, 3 Individuals are China Citizens Qian Bai & Chao Li and United States Citizen Lan Bai, 2 UK Entities are Aipu Limited & Fidefx Investments “
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United States Commodity Futures Trading Commission (CFTC) Fines 3 Individuals & 2 UK Entities $19 Million in Penalties & Restitutions for Commodities & FX Fraud (Including Misappropriating $3.6 Million) from 34 Investors, 3 Individuals are China Citizens Qian Bai & Chao Li and United States Citizen Lan Bai, 2 UK Entities are Aipu Limited& Fidefx Investments
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