Ponzi Operator Confesses on Live TV in China as Police Unveil New Unit

[kreslik.news]

Rarely are confessions on live television seen, but senior executive Xu Qin from Chinese investment firm in Shanghai, Zhongjin Capital Management, implicated himself on state television on Monday, confessing to operating a typical Ponzi scheme, and according to reports by Reuters.

Police had accused Zhongjin in April of ‘illegal fundraising’ and Qin was arrested along with twenty other executives with ties to the firm, leading him to confess on TV, “The way we operated our fund was with a Ponzi scheme method.”

He said, in front of the cameras, “we used money from investors who came later to pay the interest ... (read more)