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Friday, 23 September 2016

Main suspect in Maxim Trader Ponzi scheme brought back to Taiwan

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Read? Main suspect in Maxim Trader Ponzi scheme brought back to Taiwan

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Taipei, Sept. 21 (CNA) Taiwan investigators brought back the main suspect in the Maxim Trader Group Ponzi scheme from Malaysia on Wednesday to face charges of defrauding investors of some NT$200 million (US$6.38 million)

Hsu Ssu-wei (許思為) was listed as fugitive in June 2015, after it was discovered that he had fled the country during an investigation into illegal fundraising activities involving the Maxim Trade Group.

Last May, the Bureau of Investigation raided 16 locations used by the bogus firm, which had been posing as an affiliate of a Nasdaq-listed international holding company, and seized about NT$60 million in cash, luxury cars and bank accounts.

The Maxim Trade Group was accused of fraudulently taking in more than NT$13.9 billion from investors in Taiwan, Malaysia, South Korea, China and Hong Kong from 2013-2015 and transferring the funds to dummy bank accounts overseas.

According to Taiwan investigators, Hsu alone managed to swindle more than NT$200 million through the fraudulent company.

In July, investigators learned that Hsu was still at large in Southeast Asia. With the cooperation of law enforcement authorities in the region, Taiwan investors arrested Hsu in Malaysia Tuesday and escorted him back to Taiwan on Wednesday, the bureau said.

He will face charges associated with violations of the Bank Act, the bureau said

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