The SEC is hunting down QZ Asset Management Ponzi scammers in China.

After defrauding consumers out of “millions of dollars” , QZ Asset’s Blake Yeung Pu Lei went into hiding.

The SEC believes Lei (below) is hiding in China, although its first attempt at finding him came up blank.

As per a motion filed by the SEC on May 19th;

Defendants QZ Asset and Yeung Pu Lei are both believed to be in China.

As a result, the SEC must serve Defendants through the Hague Convention for Service Abroad of Judicial or Extrajudicial Documents in Civil or Commercial Matters.

On April 15, 2025, the SEC received notice that attempts to serve Defendants at the address provided were unsuccessful.

The SEC has since identified four additional addresses in China where it believes Defendants QZ Asset and Yeung Pu Lei may be located and is currently having the requisite forms requesting service at these addresses translated to Mandarin.

Once translation of the documents is complete, the SEC will wire the necessary fees and FedEx the service package to China’s Central Authority.

The SEC believes a second attempt at service by Chinese authorities will take “three to six months”.