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Chinese wealth management firm executive admits to running “Ponzi scheme”

An executive at Chinese wealth manager, Zhongjin Capital Investment, has admitted on state television that the fund managed by his firm was, effectively, a Ponzi scheme. “We used money from investors who came later to pay the interest owed to earlier investors,” admitted Xu Qin, who added, “the way we operated our fund was with a Ponzi scheme method.” Xu was arrested…

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