New online lending rules to boost fintech alliances
China Daily, 30 Jul 2020
The regulator is encouraging cooperation between banks and
fintech players, which indicates a positive transition of its attitude toward
fintech platforms… and the industry will be able to grow to its full potential
in the coming years.
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SEC Charges CEO and Company With Defrauding First
Responders and Others Out of Millions
SEC, 30 Jul 2020
The SEC’s complaint alleges that Victor Lee Farias and his
company, Integrity Aviation & Leasing (IAL), raised $14 million from
investors, promising that they would use the funds to purchase engines and
other aircraft parts for leasing to major airlines. As alleged, Farias and IAL
falsely touted Farias’s supposed investment experience and IAL’s purported
competitive advantages, such as an algorithm that supposedly identified
profitable leasing opportunities, and represented that all investments would be
secured by IAL’s assets.
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SEC Charges Former Georgia State Legislator With
Defrauding Investors in Ponzi Scheme
SEC, 30 Jul 2020
According to the SEC’s complaint, from 2017 to 2019, Alford
fraudulently raised at least $23 million by selling promissory notes to
investors – primarily Indian-American professionals – that he guaranteed would
provide high annual rates of return. According to the complaint, Alford
presented Allied as a successful business when in fact it was struggling, and
claimed that investors’ funds would finance energy projects while using most of
the funds to make interest payments to earlier investors and for personal
expenses, including building a multmillion-dollar home.
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