Meiyun Zhang fined over $3 million for scamming Chinese students

In Canada, Meiyun Zhang targeted Chinese students between 2014 and 2016, employing high-pressure tactics to raise funds under false pretenses. She presented various investment opportunities, promising monthly returns of six to ten percent, claiming it to be risk-free. In reality, she misappropriated the funds for personal expenditures, including gambling and paying bills. The BC Securities Commission imposed a total fine of $3.3 million, which included a $2.5 million administrative penalty along with recovery of more than $790,000 she obtained through fraud. While some investors received partial reimbursements, the overall financial loss summed up to $1.7 million, leading to serious emotional and financial hardships for many victims, such as deferred retirements and health issues. Following these revelations, the commission permanently banned Zhang from participating in the investment market and condemned her actions as a complete disregard for legal compliance and fair practices. Her hearings were held in writing due to her health problems, and notably, she did not participate in the proceedings, underscoring the serious ramifications of her fraudulent activities.