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From November 2024 to February 2025, individuals engaged in misleading promotion and coordinated trading of shares of China Liberal Education Holdings, Ltd. (CLEU), a company incorporated in the Cayman Islands that purported to provide educational services in China. The scheme, known as a “pump-and-dump” or “ramp-and-dump,” involved individuals in China posing as U.S.-based investment advisors on social media and messaging platforms and falsely promising significant returns from investments in the company. The misleading promotion and coordinated trading caused the NASDAQ stock price to artificially rise, at which point the individuals sold thousands of shares and made millions of dollars in profits. The stock price dropped dramatically on January 30, 2025, at the expense of other investors, some of whom lost almost the entirety of their investment.
Seven individuals were charged with wire fraud in United States v. Lim Xiang Jie Cedric, et al., Case No. 1:25-cr-00161 (N.D. Ill.). The United States pursued a parallel civil forfeiture of approximately $214 million in seized proceeds from the CLEU scheme and obtained a default judgment, forfeiting the assets to the United States. See United States v. Funds in the Amount of $19,901,190.42 et al., Case No. 1:25-cv-02965 (N.D. Ill.).
The United States Department of Justice is overseeing the remission process and has retained Kroll Settlement Administration LLC to serve as the Remission Administrator in this matter.
To be eligible for remission as a victim petitioner, you must have invested in CLEU between January 1, 2025 and January 29, 2025, and experienced a net loss of your investment when accounting for any completed withdrawals.
You will need to provide supporting documentation, including: (i) communications promoting the purchase of China Liberal Education Holdings, Ltd. (CLEU) stock (ii) order confirmations; (iii) copies/screenshots of online accounts; (iv) bank transactions/wire receipts; and/or (v) any other documentation you may have.