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An unregulated British firm, EuroFX, used its London cachet to dupe Chinese investors into losing millions in a pyramid scheme

3 months ago
Sky Canaves
avid Byrne presented himself to investors in China as CEO of EuroFX, a so-called company with a London address whose products offered returns ranging from 6 to 16 percent per month. Authorities said the investments were a pyramid scheme with losses that came to $70 million in China and possibly more than $1 billion from thousands of victims around the world.
By Sky Canaves
Sky Canaves previously reported for The Wall Street Journal in Beijing and Hong Kong, where she covered media, culture, social issues, and legal affairs, and served as the founding editor and lead writer of the WSJ’s China Real Time site. Prior to becoming a journalist, Sky worked in the China corporate law practice of Baker & McKenzie, and she has also taught journalism and media law at the University of Hong Kong. She speaks Mandarin and has accumulated more than a decade's experience living, studying and working in China.

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