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The motion, filed within the U.S. District Court docket for the Central District of California, alleges that Cunwen Zhu, a California businessman, tricked not less than 29 clients out of greater than $1.3 million allotted for digital asset commodity and foreign currency trading by his firm, Justby Worldwide Auctions, between April 2021 and March 2022. As an alternative of investing clients’ funds in crypto and foreign exchange exchanges, Zhu collected the cash for his private use, transferring the vast majority of the funds to financial institution accounts, digital wallets and digital asset buying and selling platforms managed by these he employed in his alleged scheme.
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