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- The Fanya Metal Exchange fraud was a notorious financial scam in China (also known as China's Ponzi Scheme) that was operational from 2011 to 2015. The collapse of the exchange sparked a series of nationwide protests against the involvement of Chinese local governments in supporting fraudulent fundraising schemes. The exchange was established in 2011 as a global trading platform for rare metals and promoted by Yunnan government officials. It advertised returns as high as 13.7% and zero risk for investors. In the three years after it was set up, the exchange raised up to $6.4 billion from 220,000 investors across the country. In 2015, the exchange blocked the withdrawal of funds and froze its accounts, triggering large-scale protests by defrauded creditors in Shanghai, Beijing and other major cities. Victims gathered outside the China Securities Regulatory Commission (CSRC) to accuse the Fanya exchange and CSRC government officials of supporting financial fraud. Twenty-one Yunnan executives, including the founder, Shan Jiuliang, were charged with embezzlement and of sabotaging financial markets in the Kunming Intermediate People's Court in 2018. The company was fined 1 billion yuan ($149.04 million) for illegal fundraising, and Shan was sentenced to 18 years in jail. (en)
- 泛亞有色金屬交易所是中国大陆的一家稀有金屬交易平台。 (zh)
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- 泛亞有色金屬交易所是中国大陆的一家稀有金屬交易平台。 (zh)
- The Fanya Metal Exchange fraud was a notorious financial scam in China (also known as China's Ponzi Scheme) that was operational from 2011 to 2015. The collapse of the exchange sparked a series of nationwide protests against the involvement of Chinese local governments in supporting fraudulent fundraising schemes. (en)
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- Fanya Metal Exchange (en)
- 泛亚有色金属交易所 (zh)
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