Zheng Weiqiang, a rich man in Dongguan, Guangdong, invested 8.7 million Hong Kong dollars in wealth management in a bank in Hong Kong. Unexpectedly, a year later, when the bank settled, he was surprised to find that he had actually lost 22 million yuan and owed a huge amount of money to the bank!
Before, he was fascinated by the charming smile of a beautiful overseas financial planner in the bank. He was confused and signed a lot of unintelligible English agreements, entrusted her to take care of his investment, and agreed to buy “discounted stocks” under her suggestion.
Zheng Weiqiang did not expect that what he bought was not a stock at all, but a “cumulative stock option”. The English name is Accumulator, and the homophonic “I kill you later” (to kill you later) resulted in the loss of money and huge debts.
Sensation faints and embarks on a sinister financial management road
Zheng Weiqiang, 48, runs a Lizi garment factory in Dongguan, producing high-end denim garments for export. After more than 20 years of hard work, he has accumulated nearly 100 million assets. At the beginning of 2018, after Zheng Weiqiang purchased real estate in the United States and arranged for his wife and children to immigrate, he wanted to make other investments with his spare money.
In May 2018, Boss Su, a Hong Kong business partner, came to Dongguan, and Zheng Weiqiang invited him to dinner. Boss Su brought a beautiful girl named Zhang Qiong. Zhang Qiongwen sat quietly and politely, listening to them chattering about business matters.
Zheng Weiqiang inadvertently asked Boss Su if he had a secure financial management channel in Hong Kong, and Boss Su immediately recommended Zhang Qiong to him. Zheng Weiqiang noticed this woman who had been silent all the time. Zhang Qiong was looking at Zheng Weiqiang affectionately, with long false eyelashes attached to her big eyes, which flickered very temptingly. When the corner of her mouth was raised slightly, the dimples on her face bloomed. Zheng Weiqiang suddenly felt astonished. Although the wife in the family was also a first-class beauty, she was far from the charming in her bones to make people’s hearts excited.
Zhang Qiong stood up, and then a secret fragrance floated in the dining room. She walked up to Zheng Weiqiang and politely handed over her business card: “Mr. Zheng, please advise.”
Zhang Qiong himself introduced that she is a 28-year-old from Beijing. She studied at Cornell University in the United States for a bachelor’s degree, and then went to Harvard University for a master’s degree in finance. She worked on Wall Street in the United States for two years and then was hired by the Hong Kong branch of HSBC. As a senior manager, mainly managing financial affairs for some high-end customers.
Zheng Weiqiang has only a junior high school education level and has always admired highly educated people. Zhang Qiong’s “label” of beautiful women and talented women made his heartbeat quickly rise to favor. For many years of marriage, Zheng Weiqiang has been considerate and loyal to his wife and has never done anything out of the ordinary. But that night, facing Zhang Qiong’s smile, he uncharacteristically took the initiative to toast, and unreservedly treated his family situation to Zhang. Joan said.
Zheng Weiqiang said that he is too old to realize his dream of studying, so he must make more money so that his children can receive the best education in the United States, and that he will have a decent job like Zhang Qiong in the future.
“You are such a good father.” Zhang Qiong sweetly complimented, “It is too hard to open a factory. A smart operator like Mr. Zheng should choose a more relaxed way of managing money. Our bank is willing to provide you with such services. .”
When we first met, Zhang Qiong left a deep impression on Zheng Weiqiang. Taking advantage of Zhang Qiong’s opportunity in Dongguan, Zheng Weiqiang frequently invited her to drink tea, and also selected two sets of exquisite denim outfits from his own factory to give to Zhang Qiong. Zhang Qiong puts on her clothes and gestures with her body, she is extremely sexy, coupled with her exclusive charming smile, she is in no way inferior to the stars on TV. Zheng Weiqiang couldn’t help being overwhelmed. He blurted out and invited Zhang Qiong to stay at home for the night.
Zhang Qiong was not surprised at all, and calmly said: “It’s too late, I have to go back to Hong Kong tomorrow, so I won’t be able to disturb you. Brother Qiang is kind and righteous, and I hope to see you in Hong Kong one day!”
After Zhang Qiong left, Zheng Weiqiang’s mind was filled with her smiling face. After half a month, he finally couldn’t help going to Hong Kong. Zhang Qiong enthusiastically invited Zheng Weiqiang to dinner in a western restaurant. Zhang Qiong, who had returned to Hong Kong, appeared more relaxed, her clothes exposed and hot, and she naturally patted Zheng Weiqiang on the shoulder when she poured coffee. Zheng Weiqiang suddenly felt an electric shock. After the meal, Zheng Weiqiang went to HSBC to open an account in accordance with Zhang Qiong’s instructions and deposit 4 million Hong Kong dollars. Zhang Qiong was invited to be his financial advisor. In the evening, Zheng Weiqiang made another request for the night, but Zhang Qiong dodged that he still had a lot of formalities to go through in his account. The next day, Zheng Weiqiang had to return to Dongguan angrily.
Zheng Weiqiang met Zhang Qiong again in mid-November 2018, in the VIP room of a major bank in Hong Kong. It turned out that Zhang Qiong was “poached” by the bank, and her title has become the vice president of the bank’s private wealth management department.
At this meeting, Zhang Qiong still smiled, but there was a lot of anger in his words. In this highly ambiguous atmosphere, Zheng Weiqiang’s heart rekindled hope, and the body was torrential. He obediently cancelled the HSBC account and transferred the money to Zhang Qiong’s new owner. As soon as the money arrived, Zhang Qiong said: “4 million yuan is considered the smallest customer with me.” Zheng Weiqiang was a little embarrassed, blushing, and happily signed a cheque for 4.7 million yuan and handed it to Zhang Qiong.
The next day, Zhang Qiong, who claimed to have gone through all the formalities, took out a lot of English contracts for Zheng Weiqiang to sign. Zheng Weiqiang does not understand English, saying that he does not want to make risky products. Zhang Qiong shook Zheng Weiqiang’s hand affectionately, vowing to make sure that he was optimistic about his money. Therefore, Zheng Weiqiang signed the English contracts one by one. Holding the signed contract, Zhang Qiong excitedly kissed Zheng Weiqiang on the face, then left the hotel where Zheng Weiqiang was staying in a gust of wind, and hurried back to the bank to “do the final procedures.” Zheng Weiqiang was a little helpless and a little disappointed. He felt that Zhang Qiong was sticking so tightly but far away, making him within reach but he couldn’t reach it.
Ripped off the veil, the super scam is exposed
After Zheng Weiqiang returned to Dongguan, he often received calls from Zhang Qiong. As soon as Zhang Qiong said which product is good, Zheng Weiqiang said that you can buy it if you look good, and Zhang Qiong bought it for him. After a few months, Zheng Weiqiang asked if Zhang Qiong had made money. Zhang Qiong replied that he had made more than 200,000 yuan, mainly because the liquidity in his account was too small, and there were many high-profit products that could not be bought. When Zheng Weiqiang heard that Zhang Qiong meant that he should make additional investments, he didn’t answer the question. At that time, the financial crisis began to spread across the world and affected the real economy. Zheng Weiqiang did not have much spare funds.
In the Spring Festival of 2019, when American finance was the craziest time, Zheng Weiqiang suddenly received a call from Zhang Qiong. This time, she spoke softly and softly, and her voice was sweet with a creamy scent, which made Zheng Weiqiang deeply intoxicated. After flirting, Zhang Qiong proposed to add another 35 million yuan.
35 million! It came out casually from a little girl, and Zheng Weiqiang was scared! An ominous premonition entangled him like a poisonous snake, gnawing his heart: Could it be that financial fraud fell on him? Is that gentle and elegant financial planner a liar? He wanted to call Zhang Qiong to ask what was going on, but he felt wrong and seemed stingy.
Zheng Weiqiang remembered that Zhang Shaoning, a junior high school classmate, had been doing well in stock speculation in the past few years. He had spent several years in Hong Kong and decided to consult first. Zhang Shaoning rushed to Zheng Weiqiang’s home, looked at the contract he signed with the bank, and then said quite solemnly: Zhang Qiong bought you “discounted stocks.”
Zheng Weiqiang suddenly realized that he patted his forehead and said: “By the way, I remember Zhang Qiong seemed to say’discounted stocks, such as a stock of 10 yuan, the bank discounts it, and the bank sells it to investors for 8 yuan. Zhang Qiong said that there are only high-end high-quality customers, banks. Only then would I recommend this product, without losing money.”
Zhang Shaoning told Zheng Weiqiang that “discounted stocks” are actually not stocks. The English name is Accumulator, which can be translated into a cumulative option contract. The English homonym is “I will kill you later.”
The so-called “discounted stocks” are actually a kind of profitable financial derivative products developed by some financial experts on Wall Street in the United States. Banks and financial planners have a huge commission return of about 20% when they sell them. The calculation method is very mysterious, and it has even won the Nobel Prize. The experts of the Economics Prize may not be able to calculate it, and ordinary people can’t understand it. After this product was introduced to the market in the United States, several banks have done it. Some wealthy people invested and bought some, almost all of them were lost. Investors shouted deceived.
A few days later, in order to find out the truth, Zhang Shaoning accompanied Zheng Weiqiang to Hong Kong to find Zhang Qiong. Zheng Weiqiang dialed Zhang Qiong at the door of the bank, but Zhang Qiong said that she was on vacation abroad and her business was handed over to colleague Zheng Lifang to take over. Immediately, Zheng Weiqiang and Zhang Shaoning met Zheng Lifang in the bank’s VIP room. Zheng Weiqiang asked: “Please help me find out how much money is left in the account. Why did Zhang Qiong ask me to add another 35 million yuan?”
Zheng Lifang checked Zheng Weiqiang’s contract and said politely: “I’m afraid Zhang Qiong made a mistake. You should not pay 35 million yuan, but 96 million yuan! According to the contract, you have to buy a full year of discounted stock products. It needs 96 million yuan of funds. The original 8.7 million in your account is just a margin, but now there are only 4.6 million. Next, there will be a batch of’discounted stocks that can be purchased. You should invest more.’
Zheng Weiqiang was completely stunned. He couldn’t think that he didn’t make a penny of his money in the bank. He lost more than 4 million yuan, not to mention, but also spent nearly 100 million yuan to buy “discounted stocks” for a full year. He angrily told Zheng Lifang that all the options in the contract were checked by Zhang Qiong. Although he signed the words, he couldn’t understand English and didn’t know what was said.
Zheng Weiqiang insisted on asking to see Zhang Qiong, and Zheng Lifang told him that Zhang Qiong had resigned in no hurry. The news was like a bolt from the blue, completely defeating Zheng Weiqiang. He really didn’t know what to do. At this time, Zhang Shaoning wisely asked for the termination of the contract signed by Zheng Weiqiang. Zheng Lifang said unhappily that if he proposes to terminate the contract, Zheng Weiqiang may have to bear the loss and make compensation.
Zheng Weiqiang jumped up and shouted loudly: “You lied to me, how could it be that I breached the contract, it should be your breach!” Zhang Shaoning persuaded Zheng Weiqiang to calmly say to Zheng Lifang: “Terminate the contract, you can settle it!”
Zheng Lifang asked his leader to settle the account: When the contract was terminated, Zheng Weiqiang had to pay the bank 4.2 million yuan in liquidated damages. His original 8.7 million deposit has lost 4.1 million, and after deducting 4.2 million, only 400,000 yuan is left!
“I invested 8.7 million to manage your finances and lost 8.3 million in half a year? You are cheating and blackmailing!” Zheng Weiqiang couldn’t accept the fact that his 8.7 million assets evaporated into 400,000. The answer given by the bank is: “discounted stocks” are calculated by economists, and so are the liquidated damages.
Zheng Weiqiang was unconvinced and claimed to complain to the bank. “That is your right!” Zheng Lifang politely sent Zhang Shaoning and Zheng Weiqiang out of the bank building.
Embarrassed on all sides, the road to rights protection is long and difficult
Since the beginning of March 2019, Zheng Weiqiang and Zhang Shaoning rushed to various government departments in Hong Kong. Only the Financial Management Committee agreed to investigate. However, a few months passed and there was no news.
During this period, Zheng Lifang called Zheng Weiqiang again to urge Zheng Weiqiang to make a payment. According to Zhang Shaoning’s opinion, Zheng Weiqiang proposed to buy put warrants to hedge the risk of “discounted stocks”. Zheng Lifang has not done this business before and refuses to take risks. After many negotiations, Zheng Lifang agreed to give it a try. After several months of doing this, Zheng Weiqiang actually made more than 8 million in the book by relying on the put warrant. This incident made Zheng Weiqiang more convinced of Zhang Shaoning, so he entrusted the investment matters to him, and at the same time he also doubted the ability of the so-called financial advisor.
However, Zhang Shaoning’s efforts cannot change the overall situation, and the global financial situation is getting worse and worse. In mid-November 2019, Zheng Weiqiang’s investment contract expired and was forcibly “cut out”. His entire loss of “discounted stocks” purchased was close to 22 million yuan, deducting the original 8.7 million yuan in his account, plus the purchase of put warrants. He still owes 4.5 million yuan to the bank!
Because of the extremely sluggish market conditions and a large amount of money being trapped in “investment”, Zheng Weiqiang’s factory’s working capital was frequently anxious, the money for purchasing raw materials was gone, and the workers’ wages were owed for two months. Zheng Weiqiang had to use the factory assets at a low price Loaning from the bank, struggling to maintain business…
Knowing that Zheng Weiqiang had made a huge investment loss, his wife was shocked and resentful, insisting that her husband and female financial planner Zhang Qiong were ambiguous and had an improper relationship. Zheng Weiqiang couldn’t help but be grateful that he didn’t succeed in “Hunting Yan” at the beginning, otherwise he would not be able to clear himself after jumping into the Yellow River. He swore to his wife that there was absolutely no derailment, but his wife didn’t believe it. She fought a cold war with him and refused him to go to the United States to visit her and her children…
Embarrassed on all sides, Zheng Weiqiang was depressed and desperate for life. He went to Hong Kong several times to negotiate with the bank. The bank was tough and insisted on doing things according to the contract, asking him to pay 4.5 million yuan, otherwise he would go to court to sue him. Zheng Weiqiang believes that Zhang Qiong was the one who tricked him into signing the contract. Zhang Qiong is an employee of the bank, and therefore the bank is suspected of fraud, which is illegal financial management.
In the process of appealing to relevant Hong Kong agencies, Zheng Weiqiang got to know many victims of “discounted stocks” in the Mainland. They talked to each other about the process of being deceived, almost exactly the same: knowing a beautiful female financial planner (if the investor is a female, the financial planner is replaced by a handsome guy), being deceived to open an account, signing an English contract, injecting funds, concealing risky purchases” “Discounted stocks”, being forced to liquidate positions, and wanting to protect rights, it is even more difficult…
Zheng Weiqiang learned that nearly 10,000 companies, institutions and individuals in the Mainland have invested in “discounted stocks.” Famous real estate companies lost 1.2 billion yuan, and individual investors’ losses ranged from several million yuan to several hundred million yuan, with cumulative losses exceeding 100 billion yuan. Some mainland victims organized an alliance in Beijing, and Zheng Weiqiang also participated. They invited some jurists to make suggestions. A lawyer who was also the victim proposed to sue a Hong Kong bank in Beijing, but went to the court to file a case, but was rejected.
After unremitting efforts, Zheng Weiqiang finally found a lawyer with the help of the Hong Kong Legislative Council and initiated the judicial process. However, a whole year has passed, and the lawyers of both sides have been exchanging evidence, and the lawsuit has not made positive progress. According to Hong Kong law, it often takes several years for such a case to be opened to the hearing, and it takes longer to render a judgment. Entering 2020, due to the new crown pneumonia epidemic, the situation of clothing foreign trade is getting worse and worse. Due to lack of working capital, Zheng Weiqiang’s factory was already unsustainable by the winter of that year and was on the verge of bankruptcy.
At the end of 2020, Zheng Weiqiang’s wife filed with him for divorce, and a happy family was on the verge of breaking up. Zheng Weiqiang regrets that he was stunned and ridiculous investment. He kept looking for Zhang Qiong. He naively hoped that Zhang Qiong would one day be conscientious enough to find out, testify for him in court, prove that she deliberately deceived him, and prove for him that he is worthy of his wife and children…