The motion, filed in the U.S. District Court for the Central District of California, alleges that Cunwen Zhu, a California businessman, tricked not less than 29 clients out of greater than $1.3 million allotted for digital asset commodity and foreign currency trading by means of his firm, Justby International Auctions, between April 2021 and March 2022. Instead of investing clients’ funds in crypto and foreign exchange exchanges, Zhu collected the cash for his private use, transferring nearly all of the funds to financial institution accounts, digital wallets and digital asset buying and selling platforms managed by these he employed in his alleged scheme.
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