The Commodity Futures Trading Commission (CFTC) has filed a civil enforcement action against Qian Bai, along with Aipu Limited, Lan Bai, Fidefx Investments Limited, and Chao Li, in the U.S. District Court for the Western District of Washington. The complaint alleges a fraudulent investment scheme that misappropriated at least $3.6 million from at least 32 customers beginning around February 6, 2023.
According to the CFTC, Qian Bai and Lan Bai, acting as controlling persons of Aipu Limited, worked with Fidefx Investments Limited and Chao Li as a common enterprise to solicit funds from customers. The scheme involved the sale of agreements and contracts for leveraged commodity transactions, retail foreign currency contracts, and commodity futures contracts.
Investigators found the defendants solicited funds – both fiat currency and digital assets – through websites operated under different names but with identical structures. Solicitors contacted potential investors via platforms like WeChat, WhatsApp, Line, and other social media, falsely claiming to possess inside knowledge and the ability to generate profits of 10% to 30% per trade. They offered to share this “knowledge” and provide trading advice.
Customers were led to believe their funds were being deposited into trading accounts and generating profits, as reflected in online account statements. However, the CFTC alleges these statements were entirely fabricated. Neither Aipu nor Fidefx held legitimate trading accounts in the United States, and no actual trading occurred on behalf of customers. Funds were immediately transferred to offshore entities unrelated to commodity trading.
The CFTC is seeking restitution for defrauded customers, disgorgement of ill-gotten gains, civil monetary penalties, a ban on future trading, and a permanent injunction against further violations of the Commodity Exchange Act (CEA) and CFTC regulations. The defendants allegedly directed customers to transfer funds through a series of bank accounts and digital wallets not affiliated with any CFTC-registered firm.
Source: CFTC.gov
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