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Velázquez on Recent Biao Hui Fraud Incident

Statement

Date: July 11, 2017
Location: Washington, DC
Issues: Finance and Banking

Rep. Nydia M. Velázquez (D-NY) released the following statement regarding the recent collapse of a "Biao Hui' or underground lending club in Chinatown. Losses totaled more than $20 million for an estimated 780 investors, marking it one of the largest such losses in recent memory.

"Unfortunately, New York's immigrant communities are too often targets of deceit and fraud. We must all work together to ensure that our neighbors are educated about these scams and about correct ways to invest their money.

"In recent months, I have hosted several "Know Your Rights' educational workshops in Chinatown and Sunset Park to inform our neighbors of their rights with regard to immigration law. Similarly, in coming weeks, I will look into working with the New York Police Department, other law enforcement and financial institutions to educate the community about avoiding these scams and finding legitimate platforms to invest their money."


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