After the A-share market rebounded in 2019, large and small over-the-counter capital allocation platforms returned. Recently, many platforms have encountered the embarrassment of being unable to withdraw cash or even running away.
On April 17, the Public Security Bureau of Haikou City, Hainan Province decided to open an investigation into suspected illegal and criminal activities of Hainan Begfu Technology Co., Ltd. (hereinafter referred to as Begfu), an over-the-counter capital allocation platform. Suspected of fraud. This is not an isolated case. It is reported that since April, many fund allocation platforms such as Baoniu Y Fund, Changhong Fund, and Hongling Financial Services have been suspected of running away.
The Capital Allocation Index website shows that of the 715 capital allocation platforms included in it, only 108 are operating normally, 394 have problems, 143 have ceased operations, and 70 have run away. By nature, 171 were virtual disks and 24 were flagged as scams.
Why did the stock market flee to so many capital allocation platforms?
Some insiders pointed out that "virtual disk" is the key to the problem. The accounts opened by such fake capital allocation platforms are not connected with brokers, and the order funds do not enter the exchange for real transactions. If the market is not good, investors mistakenly believe that the stock has been liquidated, and all the funds are collected by the financing platform; if the market is good, and investors have floating profits in their accounts, the financing platform must use real money to cash in the clients' leverage gains. , this is almost impossible, we can only escape.
During the 2015 stock market crash, the boost of leveraged funds was “indispensable”. Therefore, regulatory authorities have been paying close attention to OTC capital allocation and have issued warnings on capital allocation risks many times recently.
However, Caijing reporters found that on search engines such as Baidu, you can still easily find advertisements and official website links for many financing platforms, including Beifu, which is running away, and Hongling Financial, which has difficulty withdrawing money. wait.
The outbreak of the Berghof platform
On April 10, the official website of the over-the-counter capital allocation platform Beigefu announced that in response to national policies, it decided to cease all stock capital allocation business. For withdrawal requests from existing users, only a company email is left to receive relevant account and transaction information. This statement caused panic among many investors.
In response to this matter, on the evening of April 16, the China Securities Regulatory Commission issued a response to reporters’ questions, stating that it had paid attention to relevant reports and organized verification as soon as possible. After investigation, Beifu did not have the qualifications to operate securities business. On the 17th, the decision on filing the case issued by the Public Security Bureau of Haikou City, Hainan Province showed that Bergoff was placed under investigation on suspicion of fraud.
Recently, a reporter from Caijing joined a group called "Beifu Fraud Rights Protection Group." There are 359 people in the group. During this period, investors continued to join. The amount involved ranges from tens of thousands to hundreds of thousands of yuan, and the victims are located all over the country. everywhere.
Since some financing intermediaries were mixed into the group, the group owner decided to set up a separate crowdfunding group. In addition to submitting transfer screenshots and chat records with customer service, each person who entered the group also paid 100 yuan to go to Haikou to report the crime as a representative of the victim. There are 204 people in this crowdfunding group, raising more than 20,000 yuan. They collectively spent 15,000 yuan to go to Haikou to report the case, and received a notification of filing the case and various latest developments.
Lawyer Chen Jiangtao, a partner at Beijing Jingshi Law Firm, told Caijing reporters that the victim can report the case to the local public security agency, which will hand over the transcript to the Haikou City Public Security Agency.
"Fortunately, I evacuated early." One victim lamented to a Caijing reporter. "After being reminded by a friend, I found that other market software did not show the commission for buying stocks. At that time, I felt suspicious and withdrew most of the funds. However, Beigefu's low interest rates were too tempting, so I did not Extract it all.”
Most investors aren't so lucky. "I invested 90,000 yuan one after another. When I cashed out on April 8, I started to notice something was wrong. I contacted customer service first, but they delayed again and again, and then asked us to send emails directly to the designated email address." A few days later, I found that the website was blocked. It doesn't open, the trading software is malfunctioning, the account balance cannot be displayed, and no one from customer service has responded. "said one victim.
Tianyancha shows that Bergfort was established on September 3, 2018, with a registered capital of 50 million yuan. Jiang Jun is the largest shareholder, investing 30 million yuan and holding 60% of the shares. Another major shareholder is Zhuang Yuhang, who invested 20 million yuan and holds 40% of the shares.
The company was once listed on the Haikou City Administration for Industry and Commerce’s list of operating irregularities because it could not be contacted through its registered address or business location.
It is understood that a victim received a text message reply from the Haikou Public Security Bureau saying that after preliminary police investigation, Bergfort was registered on the 5th floor of Building A, Haikou High-tech Zone Entrepreneurship Incubation Center, but he did not actually work at that address. After investigation and verification by the Criminal Police Brigade of the Development Zone Public Security Bureau, Bergev was suspected of fraud. The Criminal Investigation Detachment of the Public Security Bureau of Yuzhou City, Henan Province opened a case for investigation on March 20, 2019. The company’s account has been used by the Public Security Bureau of Yuzhou City, Henan Province. freeze.
Victims analyzed that Beigefu had been using public accounts to conduct transactions and transfers. On April 2, it was suddenly changed to the private account "Wang Yubing", and on April 3 it was changed to the private account "Huang Yilin". The reason provided by WeChat customer service is: "The recent capital flow in the company's corporate account has been too large," which is probably related to the freezing of the corporate account on March 20.
"I don't understand, since the Henan Provincial Public Security Department has filed a case and frozen public accounts on March 20, why not seal this platform? The platform can still operate, and new investors are pouring money into it one after another." Another. The number of scammers continues to increase. "The above-mentioned victim complained to the Caijing reporter.
Virtual disk benefit chain
Compared with other fund allocation platforms, Beigefu has lower handling fees and higher leverage. The slogan on the website is: "The industry's recognized largest real stock allotment platform, 1-10 times leverage, starting allotment of 1,000, VIP interest as low as 0.6 cents, quick account opening in 5 minutes."
"The monthly interest rate is 0.6%, and the capital allocation company also deducts labor costs and operating capital costs. How to make money? Maybe there will be rebates? It is definitely not a formal real-deal transaction." A person in the capital allocation industry said frankly.
"'Virtual disks' are trapped because they are greedy for small profits. Such companies often launch red envelopes, first-month interest-free and other preferential activities." A victim explained to the Caijing reporter why he chose the Beigefu platform, "I found this platform through Baidu search. You can see Beigefu's advertisements on Tieba, official accounts, and various tariff platform rankings. I first recharged 100 yuan to try it." I found that I could withdraw cash. So feel free to use it. "
A reporter from Caijing searched for "2019 stock financing platform rankings" on Baidu. In the article "Ranking of the Top Ten Financing Companies in Stock Financing Platform Strength Competition in 2019", it is listed on the list. at the top of the list. The reason for selection is: "The largest real-time capital allocation platform recognized in China", the status is "normal capital allocation", and it also states: "The Bergford stock allocation platform has been negotiating with the Peter Lynch investment team" and the famous American Wall Street investment masters worked together for three years and jointly invested heavily to establish Beigefu, which was formerly a capital allocation company with a history of 16 years.
The reporter entered the keyword "What is OTC capital allocation" and found that it looked like a popular science website. Click to jump directly to the stock allocation platform interface. Such a headline summary is very confusing and can easily confuse those who do not understand capital allocation. Investors are in trouble.
A person in the capital allocation industry revealed to a reporter from Caijing that under normal circumstances, as a capital allocation company, it has the natural advantage of "guaranteing profits without losing money" in a bull market. There is absolutely no need to withdraw money and run away unless it does it yourself. This is a scam business that uses virtual disks to fake losses and devour investors' principal in the name.
The so-called virtual market is also called the "gambling market", where investors and the capital allocation platform form a bet. The accounts opened by such companies for customers are not linked to brokers, and order funds do not flow to the exchange for actual transactions. They are just virtual transactions created by the platform so that customers believe they are real.
"Virtual allotment companies generally promote '100% real trading', 'brokerage software', 'brokerage risk control' and other content on the homepage of their websites to confuse customers. If the market is not good, investors will mistakenly believe that the stock "if the market is good, invest" If the client's book is floating, it is almost impossible for the capital allocation platform to use real money to cash out the client's leveraged income and run away. "The above-mentioned capital allocation person said bluntly.
A senior capital allocation expert shared several methods to distinguish between real and virtual offers: First, look at the interest rate. Generally, the monthly interest rate of formal platforms is 1.5% to 2.5%. It is best not to touch anything lower than this; secondly, after placing an order, use other stock software to check and verify whether the order is successful; thirdly, ask the financing platform to let the brokerage print the delivery order; fourthly, choose an early registration time and long-term stability Financing platform exists. In a bear market, it's easy to lose money due to a stock market crash. Once a liquidation or liquidation event occurs, only those financing companies with relatively strong financial strength can survive safely.
Lawyer Li Min, senior partner of Shanghai Hansheng Law Firm, told Caijing reporters that OTC financing institutions do not have securities business qualifications and are suspected of illegally operating securities businesses. The use of "virtual disks" is suspected of fraud. According to its claim, the capital allocation funds are not its own funds, but come from P2P platforms and other channels, and are also suspected of illegally absorbing public deposits.
"Whether a crime is constituted and what kind of crime is constituted needs to be judged based on specific facts. If the virtual software provider knows that the other party uses the software to carry out illegal activities and still provides it, it constitutes an accomplice." Lawyer Li Min said.
OTC capital allocation risks cannot be ignored
OTC capital allocation was once considered the culprit of the 2015 “stock market crash”. A large amount of capital allocation funds flow into the stock market through the Hang Seng HOMS system. In July 2015, the China Securities Regulatory Commission vigorously rectified the over-the-counter capital allocation business and issued the "Opinions on Cleaning up and Rectifying Illegal Securities Business Activities", urging securities companies to regulate external access to information systems, and even directly stopped the brokerage system. External access capabilities.
However, with the cyclical surge in the stock market, the once-disappeared OTC capital allocation has been "resurrected".
In fact, compared with on-site fund allocation, that is, the margin trading and securities lending business of securities companies, the risk of over-the-counter fund allocation is much greater. Starting a margin trading business requires a personal asset threshold of 500,000 yuan and a leverage of 1x, and is subject to strict supervision and risk control constraints by the China Securities Regulatory Commission. The minimum amount of OTC capital allocation is 100 yuan, and almost everyone can participate in capital allocation. For investment, investors' risk tolerance is unpredictable, and leverage can reach 1 to 10 times or even higher, which is extremely risky.
Since the funding institution is not a legal institution engaged in securities brokerage business, it violates the real-name account system and engages in securities business activities without permission. There is no internal risk control and external supervision, wandering in the gray area of legal supervision. Funds involve trusts, banks, funds, etc. For financial institutions, there is a regulatory vacuum.
"Caijing" reporters randomly checked the official websites of a number of online capital allocation companies and found that these companies would prominently display slogans such as "Leverage 1-10 times optional" and "Broker accounts, eliminate all virtual disks". However, compared with online capital allocation platforms, offline capital allocation platforms are much more cautious. The reporter contacted and visited a number of offline capital allocation platforms, and they all said that they can only configure a maximum of 4 times leverage, and 10 times is too risky.
"It also depends on the type of stocks you hold. If they are all GEM stocks, they won't even be 4 times." said an offline capital allocation manager.
"Retail investors are not market makers and cannot guarantee that the buying price is the bottom of the stage. It is normal for stocks to retrace 15% when they rise or fall. If the capital allocation multiple is too large, the position may be liquidated and all funds will be lost, so 5 times It is unreliable to allocate funds more than 100 times." said the above-mentioned fund allocation manager.
To ensure the safety of loan funds, the offline capital allocation platform will set up liquidation lines and early warning lines. For example, if the principal is 100,000, the leverage is 4 times, the total capital is 500,000, 470,000 reaches the warning line, and the position is forced to be liquidated with 460,000. Customers must meet corresponding risk control requirements when operating their accounts. For example, ST shares, new shares, etc. are not allowed to be purchased, the position of a single stock on the main board cannot exceed 70%, the GEM position cannot exceed 30%, and the total capital profit must exceed 10% to be reflected.
According to the capital allocation manager, the company cooperates with well-known domestic securities firms and banks. There are legal margin trading accounts and private equity fund accounts opened at securities firms, which are called master accounts. Through the warehousing software, the customer is given a sub-account. For example, if 100,000 yuan is allocated with 4 times leverage, the customer deposits 100,000 yuan into the private account of a legal person or shareholder of the capital allocation company, and the capital allocation company will allocate a sub-account of 500,000 yuan to the customer. -Margin Account. Sub-accounts can only place orders and cannot withdraw cash. Withdrawals need to be notified to the financing company, and the financing company transfers it to the customer through back-end operations. "As a capital allocation company, we also need to ensure the safety of account funds." A capital allocation manager said.
The return of OTC capital allocation has attracted the attention of regulatory authorities.
On the evening of February 25, in response to the increase in OTC capital allocation reflected in the market, the China Securities Regulatory Commission stated that it was paying close attention to the OTC capital allocation and guiding relevant parties to strengthen supervision of the entire transaction process in accordance with the law. The China Securities Regulatory Commission requires all securities companies to strictly implement the suitability management of brokerage business and margin financing and securities lending customers, strengthen the monitoring of abnormal transactions, and conscientiously protect the security of technical systems.
On March 8, the Securities Association of China held a meeting of representatives of some securities firms, requiring the regulation of external access business and strict control of capital allocation risks. Some regulatory authorities have proposed that they should deeply reflect on and learn lessons from the abnormal stock fluctuations in 2015. Securities companies must effectively fulfill their main responsibilities, strictly regulate external access, investigate risks, and standardize operations. Departments and personnel shall not facilitate the allocation of off-site funds.
On April 16, the China Securities Regulatory Commission reiterated that it will pay close attention to the over-the-counter capital allocation situation in the capital market and resolutely crack down on illegal over-the-counter capital allocation activities. We solemnly remind investors that the so-called over-the-counter capital allocation platform does not have operating qualifications. Some are suspected of engaging in illegal securities business activities, and some are even suspected of using "virtual disks" and other methods to engage in illegal and criminal activities such as fraud.
The local securities regulatory bureaus also held frequent symposiums to understand the situation of OTC capital allocation, issued OTC capital allocation and OTC individual stock option risk warnings, and urged local securities firms to gradually implement risk prevention measures.
On March 7, the Guangdong Securities Regulatory Bureau convened a discussion with the heads of relevant securities business departments in the jurisdiction and proposed to prohibit cooperation with various financial institutions in conducting business; to strengthen abnormal transaction monitoring and technical system security protection. The Shenzhen Securities Regulatory Bureau held a working meeting on the supervision of branches of Shenzhen securities companies on April 18, emphasizing the need to strictly guard against over-the-counter capital allocation. Regulators are developing a suite of software to monitor over-the-counter capital allocations.
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