QZ Asset Management exit-scam complete, website offline
As of a few hours ago QZ Asset Management’s website was pulled offline.
The move marks the end of the Ponzi scheme’s “SEC audit” exit-scam. QZ Asset Management’s social media profiles have also been deleted.
Launched in late 2022, QZ Asset Management was a 400% ROI MLM crypto Ponzi scheme.
Believed to be run by Chinese scammers hiding in Hong Kong, QZ Asset Management and its promoters primarily targeted investors in Africa.
QZ Asset Management’s exit-scam began in late March, with the announcement of a bogus NASDAQ listing.
The exit-scam escalated a few weeks ago, following QZ Asset Management disabling withdrawals on May 1st.
CEO Blake Yeung Pu Lei assured QZ Asset Management that the disruption was part of a scheduled SEC audit.
Outside of regulatory enforcement actions however, the SEC doesn’t audit private companies.
While QZ Asset Management created as much distance from their victims in Africa over the past few weeks, top promoters have been running around parroting the baloney NASDAQ listing.
All that has now come to an end.
In addition to disabling its website, QZ Asset Management has also deleted its previously accessible FaceBook and YouTube profiles.
QZ Asset Management’s Twitter profile is still up, however the account was abandoned back in February.
Regulatory action against QZ Asset Management from China is unlikely and, given the sending of cryptocurrency to offshore scammers, African authorities aren’t going to be able to do much.
Pending (unlikely) further updates, total QZ Asset Management victim numbers and how much they’ve lost remains unknown.
I’ll be calling the collapse of Fintoch and SolaRoad within the next 24 hours.
You do a wonderful service with your blog. Keep on doing what you do keeping people informed. I wish people would learn.
Even the FSRA in Swaziland acted faster than the FSCA in South Africa, no notifications yet.
new.observer.org.sz/details.php?id=20390
The no1 top QZ earner 70.000$ a day miss Precious Pria Chiradza should pay back all poor Filipinos that joined lately under mam Nora Ngan-oy and Arlyn Paderes
please help our Teams… Team Cebu Baguio Bohol Davao.
all we wanted was to make money so we can support our families.
…by investing in Ponzi schemes in which the majority of investors are guaranteed to lose money?
How is becoming a financial burden “supporting your family”? Like what exactly is the thought process there?
I am one of the victim who lost money through this Ponzi scheme.
We thought it was nice to hing to uplight us from abject poverty. may God help us get back our money.
They are back with a new website already same name but zero funds in it. I pray he does the right thing and pay us.
Yeah that’s called a recovery scam. Unless you want to be double/triple/quadruple scammed, avoid.
Anything invested into QZ Asset Management is gone. That’s all there is to it.
The CEO was like a robot so evil together with his team. They will perish by the sword.
Only a fool will be fooled again by this wild animals. This should open people’s eyes. Stolen money is so sweet but does not last.
We must be carefully these people want to steal our money.
I’m also QZ victim who invested with the hope of better life. I’m in tears with this website was off line after big hope with this.
It happens to the best of us, money comes and goes one way or another.
We must wise up not to fall into the same traps.
You lost money in qz now you are rushing joing another ponzy scheme so that you can recover, what are you doing?
Is frustration? Anything you are making a lot of money no service or produsts run away.
Go after Thembi Portia Shilenge. this ponzi schemes pay her a lot of money to recruit people and she doesn’t lose any money while most of her followers do.
Nigerians have joined their South African counterpart to patronize Ponzi schemes.
They seem to have developed thick skins. No matter how hard you try to warn, they tell you they want to overcome poverty.
Does the end justify the means? Keep losing money to organize crime. Keep following greedy leaders who receive huge deposit to scam you.
Incase you don’t know, QZ is powered by a Ghanian. It was designed to scam you from the beginning. Blake is just a cover up.
Most of you went to school but quick money is turning you into financial illiterate.
Hold your leaders accountable. That’s how you get to know the truth. Don’t get fooled twice.
This was published today on Twitter:
IRS Forensic Investigations
@FraudWatchZA
share-your-photo.com/5c1f6e5502
twitter.com/FraudWatchZA/status/1662800724042952706/photo/1
Uh… what? People in Africa complaining to the US tax regultor about a Ponzi run by Chinese scammers halfway across the world?
These people are clueless.
The acronym IRS is used however this company has nothing to do with the US IRS tax regulator.
IRS (Integrated Risk Service). Appear to be another entity who capitalize on collapsed Ponzi scheme victims rather than stopping these schemes during their startup phase.
That being said SA’ns have a poor record with Ponzi schemes as many people believe in ridiculous ROI figures. Many do not have the financial literacy when making investments to look for proper regulation.
Most do not even know what audited financial statements are let alone why they are required.
Is that Integrated Risk Services from Kenya?
First thing I see on their website is “Need professional help in business decision making?”
With respect to QZ Asset Management, the only valid answer is “don’t invest in Ponzi scheme to begin with”.
Not much they’re going to be able to do for anyone after the fact.
The twitter address this came from was South African. the Company is also registered in SA with the CIPC. Africans and Ponzi schemes go hand in hand.
Stokvels (a pooled contribution scheme where 12 or more members contribute a stipulated amount and a payout is made monthly to a member on a rotational basis is quite common in SA) therefore the skepticism to ponzi type schemes is often overlooked by Africans.
Just my opinion on why they keep falling for this MLM dribble from Ponzi promotors.
IM FROM SWAZILAND, IM SCAMMED 30K NEVER GOT ANY WITHDRAWAL.
I WAS 2 WEEKS OLD, BOUGHT THE SO CALLED IPO SHARES, PROMISED TO BE PAID IN AUGUST 2023.
South Africa trying to take Ponzi Capital of the world away from Dubai!
MTI, G999, Karatbars, Lifestyle Galaxy, BTC Global a few examples over the past few years.
Google the names and the same Ponzi promoters will constantly appear!
Though had some reservations about QZ Asset management & ended up investing $500 & now the website is unacceptable.
No need even the promoters are turning on each other.
Faith Sloan mentioned 4 by name who are all Ponzi promoters in SA who were part of her team but it appears they have split ways based on recent social media posts.
https://behindmlm.com/companies/solaroad-ponzi-collapses-withdrawals-disabled/
Give it two months before the money in their wallets dry up or Jensen Robels stops funding these scammers.
From the post I could gather than Cindy Gumede is being paid $7k a month from Jensen to promote vortic united in SA, that may be shared amongst the other 3 individuals.
Another notable individual are Mthobisi who is currently promoting maxspread and Xaarex.
My point being never trust these serial ponzi promoters.
If someone is selling you an investment into crypto or some trading robot RUN. (Report, Unfollow and Never speak to them again)
So what u mean all MLM r not legit?
Nobody said anything about “all MLM”. All Ponzi schemes are illegal scams though.
Also scammed by QZ assett management I never do any withdrawals.
Oh OK was just asking for the future
I purchased shares on qz asset management I never do any withdrawal and now it doesn’t exist their platform is deleted.
I invested almost N$160 000 in QZ asset management And also bought shares worth N$1750 of which I withdrew only N$20 000 and left to pay a bank loan.
They stopped the withdrawals on 1st May and on 24 May they closed down their site.
Mandisa Kwanini you can say that again dear I’m currently having sleepless night and cursing the day I saw the QZ assets management advert.
im working at Nando’s as a cashier I’ve been employed there for 2 years I was saving money so I can take myself back to school since I was getting the bursary to fund my studies.
I have saved R24000 for the past two .. I then took R2000 from this money and invested it to QZ and bought shares then took R2000 and invested it.
I waited to earn to see if this was real then I earned $10 which I withdrew it and got R63 from it, then I was like okay since it’s working let me put the remaining R20000 so that I can get R80000 and pay for my studies fast.
after doing a peer to peer investment of R20000 I didn’t receive a cent from it I’m now starting from zero to save for my career.
I really regret being tempted to invest in QZ and this has become my lesson I will never ever be tempted again.
@Moo
Sad to hear. I trust the lesson learnt was “if scumbags who got in early are claiming they’re being paid it’s still a Ponzi scheme in which the majority of participants will lose money”.
Eish this is painful, I’m feeling the pain for people who invested their last money or their entire savings to try to better their life’s.
I didn’t invest but I was planning to invest in June n I’m lucky bcs it didn’t happen but I’m really feeling sorry for those who lost their monies.
I buy shares from QZ promising an increased of 400%. I buy shsre for R10 000 hoping to claim it by August 2023
Claim what? Imaginary shares in an imaginary company?
Let it go son, QZ Asset Management is over.
hhhhhhhhhhhhhhhhhhhhahahaha……never again will i try it again i lost.N$ 2000
R200 000 lost….never again this is most expensive lesson Ever
I am also a victim. I invested 20k.
I got 19k and took 6k to buy so called shares.
I am also a victim of qz asset management i invested $100 in 15 april 2023 and i converted it into shares.
You clicked some buttons in your backoffice and got sucked into Ponzi theater. There never was any QZ Asset Management shares. It was all a lie.
I was persuaded by my cousin to invest in shares that were to pay out in August… i put in R6000.
This is after ignoring all here MLM schemes that she participated in, in the past… I dont know how I agreed to this… (quick and easy money, I guess).
I invested $2000 on the 27th April,2023. I was assured I will get $200 every Monday.
I waited till end of May 2023, I couldn’t make any withdrawal before I heard that their website has been closed down.
Life has been hard.
Since I have been in the network marketing for the past 30 years have seen company collapsing but with Qz’s exit abruptly shutting their website this has been brutal. no statement nothing.
They left broken hearts in South Africa & throughout the world!
It was a Ponzi scam from day one.
(How on Earth people fall for these scams is beyond my understanding! They are so obviously scams!)