The motion, filed within the U.S. District Court docket for the Central District of California, alleges that Cunwen Zhu, a California businessman, tricked no less than 29 prospects out of greater than $1.3 million allotted for digital asset commodity and foreign currency trading via his firm, Justby Worldwide Auctions, between April 2021 and March 2022. As a substitute of investing prospects’ funds in crypto and foreign exchange exchanges, Zhu collected the cash for his private use, transferring nearly all 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.
