Geneva Whodunit Has Chinese Up in Arms Over $1.2 Billion Lost in Alleged Scam
(Bloomberg) –- Some Chinese investors are now taking to the streets in Beijing and Hong Kong as they protest and alleged currency scam. Victims say nearly 30,000 were robbed of more than $1B. Bloomberg’s Alfred Liu reports on “First Up.” (Source: Bloomberg)
Street protests in Beijing and Hong Kong. Chinese investors flying 5,000 miles to show up on doorsteps in Geneva and demand their money back. It’s the fallout so far from an alleged scam that its victims say robbed 29,000 Chinese investors of $1.2 billion.
They were promised returns of as much as 10 percent a month from currency trading by API Premiere Swiss Trust AG and associated companies, according to interviews with six victims and documents they shared over the past three months. The money disappeared from their accounts in January, the investors said.