Dishonest.wiki

The Threat Awareness Wiki

User Tools

Site Tools


qz_asset_management

QZ Asset Management: BDAI Trading Ponzi Scheme

Official name QZ Asset Management
Website https://qzinvest.com/
Launched Late in 2022
Founder Blake Yeung Pu Lei

Introduction

QZ Asset Management, formerly known as Qianze Asset Management, claimed to operate in the financial investment MLM niche. This document explores the company's history, leadership, compensation plan, and the critical concerns raised about its legitimacy.

Company Overview

  1. Name: QZ Asset Management
  2. Alias: QZ Invest
  3. Location: Guangzhou, China
  4. Founder: Blake Yeung Pu Lei

Blake Yeung Pu Lei, the purported head of QZ Asset Management, lacks a verifiable digital footprint, possibly due to language barriers. Marketing videos circulating online reveal Yeung speaking with a typical Hong Kong “British” English accent.

History and Rebranding

QZ Asset Management, previously Qianze Asset Management, reportedly rebranded around 2021. The company falsely claims a decade of existence despite emerging no earlier than 2019.

Leadership Team

QZ Asset Management's website lists key executives:

1. **Blake Yeung Pu Lei** - Alleged head of the company
2. **Roger Sim** - Regional Director
3. **Panjal Chandra** - Director of Systems Development
4. **Julian D. Meyers** - Director of Credit Risk Management
5. **Andrei Petrov** - Director of System Security
6. **Cui Tong Fei** - Founding Partner, Chairman, and Director
7. **Voong Kuang Jie** - Founding Partner, Chief HR Officer, and Director

Verification of the existence of these individuals is challenging.

Recent Developments

As of March 24, 2023, QZ Asset Management, through QZ Global Limited, a newly incorporated South Dakota shell company, expressed its intention to sell shares to the SEC. However, this filing lacks disclosure of the BDAI token MLM investment scheme and audited financial reports.

Business Model and Compensation Plan

Products

QZ Asset Management lacks retailable products or services. Affiliates primarily market the company's affiliate membership.

Compensation Plan

  1. QZ Basic: Invest $100 to $900 and receive 1.75% per week.
  2. QZ Elite: Invest $1000 or more and receive 3.5% per week.

Returns are capped at 400%, requiring reinvestment. Withdrawals within the first 91 days incur escalating fees.

Affiliate Ranks

QZ Asset Management has five affiliate ranks with specific qualification criteria:

1. Rank 1 - $3000 in accumulated residual commissions
2. Vice President - $6000 in accumulated residual commissions
3. Senior Vice President - $20,000 in accumulated residual commissions
4. Executive Vice President - $50,000 in accumulated residual commissions
5. Director - $150,000 in accumulated residual commissions

Referral and Residual Commissions

Affiliates receive 10% of funds invested by personally recruited affiliates. Residual commissions follow a binary structure, paying 10% on the weaker binary team side.

Rank Achievement Bonuses

Achieving higher ranks results in one-time bonuses, including investment positions, electronics, and luxury items.

Concerns and Critiques

QZ Asset Management faces several red flags:

  1. False Claims: The company falsely asserts a decade of existence despite evidence pointing to a more recent establishment.
  2. Securities Fraud: Alleged registration with the Asset Management Association of China is misleading, as MLM companies require CSRC registration, which QZ Asset Management lacks.
  3. Ponzi Scheme Warning: The unsustainable nature of promised returns, coupled with the absence of legitimate financial reports, raises concerns about the company's authenticity.
Exit-Scam and Closure

Update: May 25, 2023 - QZ Asset Management Exit-Scam Complete, Website Offline

As of a few hours ago, QZ Asset Management's website has been pulled offline, signaling the culmination of the Ponzi scheme's “SEC audit” exit-scam. The company's social media profiles, including Facebook and YouTube, have also been deleted.

Launched in late 2022, QZ Asset Management was identified as a 400% ROI MLM crypto Ponzi scheme, believed to be operated by Chinese scammers concealing their identities in Hong Kong. The scheme primarily targeted investors in Africa.

Exit-Scam Timeline

  1. Late March: QZ Asset Management initiated its exit-scam with the announcement of a fictitious NASDAQ listing.
  2. May 1st: Withdrawals were disabled, with CEO Blake Yeung Pu Lei claiming it was part of a scheduled SEC audit. Notably, the SEC does not audit private companies.
  3. May 25th: The company took down its website and erased its presence on Facebook and YouTube. The Twitter profile, though still up, has been abandoned since February.

Deceptive Tactics

Despite QZ Asset Management attempting to create distance from their African victims by spreading misinformation about a NASDAQ listing, the scheme has come to an end.

Regulatory Landscape

Regulatory action against QZ Asset Management from China appears unlikely. Given the involvement of cryptocurrency and its transfer to offshore entities, African authorities face significant challenges in pursuing legal action.

On 1 June 2023, the Financial Sector Conduct Authority (FSCA) of South Africa issued a warning against FSCA warns the public against QZ Asset Management Customer Service Consultants (Pty) Ltd.66)

Source: [BehindMLM](https://behindmlm.com/companies/qz-asset-management-exit-scam-complete-website-offline/)

As of now, total victim numbers and the extent of financial losses incurred by those involved with QZ Asset Management remain unknown. Further updates, though unlikely, could provide more insight into the aftermath of this exit-scam.

Source: [BehindMLM](https://behindmlm.com/mlm-reviews/qz-asset-management-review-bdai-trading-ponzi-scheme/)

qz_asset_management.txt · Last modified: 2024/01/18 03:18 by tinydaguava