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Congresswoman Nydia Velazquez

Representing the 7th District of New York


Velazquez on Recent Biao Hui Fraud Incident

Velázquez on Recent Biao Hui Fraud Incident
July 11, 2017
Press Release

Washington, DC – 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.”





華盛頓特區-國會議員維樂貴絲  (紐約地區)  發表了以下有關紐約華社標會倒會的聲明‧這次事件估計有780名投資者及其超過2000萬美元的損失總額, 是近期紀錄中最大的損失之一。

           “不幸的是, 紐約的移民社區往往是詐騙案的目標。我們必須共同努力, 以確保大家能受到適當的教育來了解有關騙局和正確的投資方式。

              近幾個月來, 我已在唐人街和日落公園地區舉辦了幾次 “了解你的權利” 教育講座,  向我們的社區講解他們在移民法方面的權利。同樣地, 在接下來的幾個星期裡, 我會考慮與紐約警察局, 其他執法部門以及金融機構合作, 給我們的社區提供有關避免這些騙局和如何找到合法的投資平台的資訊。”


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