Name and Shame
Name and Shame

QIN ET AL, REVIEW

Complaint
#5YDPW

This complaint was posted on NAS on 6th Jan, 2021 and is a permanent record located here: https://www.nameandshame.com/qin-et-al-5YCW2/fraudster-crypto-fund-manager-id5ydpw .

NameandShame Author
The Smart Investor Feed
6th Jan, 2021

A Fraudster Crypto Fund Manager

Today, The Smart Investor Feed brings you another morally reprehensible fraud.


Qin et al, has been seized/arrested by the U.S. Securities And Exchange Commission (SEC). Shocking right?


We weren’t expecting this as well, but these scammers are getting smarter by the minute, making it harder for us to identify.


Such swindlers seem to be booming in numbers lately. This case is kind of interesting, why don’t I show you why:

Full Report On Qin et al,

The Securities and Exchange Commission today announced that it filed an emergency action and obtained an order imposing an asset freeze and other emergency relief against Virgil Capital LLC and its affiliated companies in connection with an alleged securities fraud relating to Virgil Capital's flagship cryptocurrency trading fund, Virgil Sigma Fund LP. The Commission's action alleges that the fraud was directed by Stefan Qin, an Australian citizen and part-time resident of New York, who owns and controls Virgil Capital and its affiliated companies.


According to the SEC's complaint, Qin and his entities have been defrauding investors in the Sigma Fund since at least 2018 by making material misrepresentations about the fund's strategy, assets, and financial condition. The complaint alleges that the defendants misled investors to believe their money was being used solely for cryptocurrency trading based on a proprietary algorithm, while Qin and the entities used investment proceeds for personal purposes or for other undisclosed high-risk investments. Since at least July 2020, Qin and Virgil Capital have told investors who requested redemptions from the Sigma Fund that their interests would be transferred instead to another fund under the ultimate control of Qin but with separate management and operations, the VQR Multistrategy Fund LP. The complaint alleges that no funds were transferred and the redemption requests remain outstanding. The SEC's complaint further alleges that Qin is actively attempting to misappropriate assets from the VQR Fund and to raise new investments in the Sigma Fund.


The SEC's complaint, filed in the Southern District of New York on December 22, 2020, charges Qin, Virgil Technologies LLC, Montgomery Technologies LLC, Virgil Quantitative Research LLC, Virgil Capital LLC, and VQR Partners LLC with violating the antifraud provisions of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. The complaint seeks permanent injunctions, including conduct-based injunctions, disgorgement with prejudgment interest, and civil penalties


Conclusion: Qin et al, Is A Fraud

The report on SEC clearly suggests that Qin et al, never had any intentions to do honest business or provide helpful services. Main intention behind all their actions was to take advantage of the honesty & gullibility of people and scam them. It would be an understatement to call this a mere fraud, this one is a scandal.


If you feel like you are a victim of this scam, then I recommend contacting a law firm and consulting with them about a lawsuit. Companies & firms pay huge reprimands to settle serious lawsuits.

Help Us Fight These Criminals

Do you have evidence against Qin et al, or one of their associates, then please post it here. These criminals rely on their witnesses’ & victims’ silence, if you speak up, then they get exposed and punished for their horrific acts. I started The Smart Investor Feed on this site with only one purpose; to become a nightmare for the financial frauds in the country. I try to post often, so you can bookmark my profile for regular updates on frauds & con-artists.


Full Disclosure: We sourced this piece of information from the SEC database


Evidence Box

0

No evidence added yet

Add your own evidence

No evidence added yet

Add your own evidence

View more complaints for Qin et al,?

Comments

0