Chinese Crackdown on US-Based Ponzi Scheme Allegedly Swindling 200,000 Chinese

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Tuesday, January 1, 2013
Author: 
Bruce Zagaris
Volume: 
29
Issue: 
1
Abstract: 

On October 27, 2012, Chinese authorities announced they had cracked down on a U.S.-based Ponzi scheme website Hootoot660, after allegedly swindling 200,000 Chinese people out of 2.4 billion yuan ($384 million).[1]