I worked in Xinhua Insurance Company from 2007 to 2015, from a salesman to a sales department manager. At most, my team had 70 salespeople. I have worked in the financial industry for 8 years and am an executive in the financial sector. Consequently, I am very knowledgeable about the financial industry, and I am also very knowledgeable about P2P. Because I am a participant, a witness, and a senior industry insider in the financial sector, no one knows the process of China's P2P disaster better than me.
Since 2013, the impact of P2P on the insurance industry has begun to show. As far as I know, the first P2P company that was exposed as a fraud appeared on my side. One day, more than 20 customers went to our company headquarters to quarrel, Because their salespeople used their deposits to invest in a P2P company. After just a few months, the company's owner fled abroad with the money. At that time it was said that the victim was going to set fire and jump off the building, and after 2 weeks, they were quiet, they didn't get any compensation, and it was over.
At that time, the salespersons of the insurance company all had some financial clients. And almost all of my salespersons worked part-time for P2P business. And our insurance business has declined significantly. As a result, I had a hard time as a manager, so I did a detailed survey of P2P in 2013-2014.
I went to their product briefings and talked to the boss. Because they knew I was the manager of a big insurance company and thought I had countless customer resources. Hence, they eagerly wanted me to join their company. So I had a pleasant conversation with them and learned about the P2P situation.
When I go to the interview, I will ask them a few questions: First of all, what are your funds used for? Second, how do you ensure the safety of client funds?
During the conversation, I found that many P2P companies are fraudulent because I have been a boss and a financial company executive. We are specialized in managing risks, and I know best whether there is risk or not.
The most obvious example is when I went to the interview, I would ask: "How do you ensure the safety of customer funds?" Some P2P companies answered me clearly: "As a salesperson, you only need to bring customers' funds into our company, then we will give you a commission, and if something happens next, such as the client's funds not being returned, the boss running away, it has nothing to do with you, you don't need to worry."
Obviously, from the beginning of recruitment, some P2P companies have no plans to pay back the money, which is the fraud of top-level design. And this situation accounts for a large proportion.
I would also ask: "What do you invest your customers' money in?" Their answers are varied, such as Belt and Road financing, state-owned enterprise financing, real estate, filmmaking, nursing homes, fish ponds, small and micro enterprises, and private enterprises. , urban renovation, infrastructure construction. . . .
There are many white lies that insurance companies make up to comfort customers. They will tell me word for word. Because insurance companies have insurance funds, white lies are harmless. However, if a P2P company deceives its customers, it means that the customers may suffer heavy losses. This situation also accounts for a large proportion.
Many projects require long-term investment, and investors cannot withdraw their principal in the short term. P2P are short-term high-interest loans. The principal and interest are usually repaid within one year. Even if these projects are not fabricated, long-term investment projects for short-term, high-interest financing are likely to belong to a very high-risk Ponzi scheme. They are borrowing new money to pay back old money, and if there is any problem with the project, such as failed projects, unfinished houses, and loss-making movies, all the investment of p2p investors will be lost. This situation also accounts for a large proportion.
Of course, some P2P companies serve small and micro enterprises for short-term loans, and there is a whole set of mechanisms to control risks. So, theoretically speaking, it is feasible. But, according to my observation, there are very few such companies.
From the above, I think at least 50% of P2P companies were Ponzi schemes. From the beginning of their recruitment, they have no intention of paying back the investors' money. It was a top-level design scam. From the final results, this ratio was as high as 80-90%. Most P2P companies were scams; only a few were credible P2P businesses.
Case of top-level design
Zhou Boyun, the owner of Shanlin Financial Company, divorced his first wife, and the SASAC（State-owned Assets Supervision and Administration Commission） arranged for Gao Qiong, a financial officer, to marry Zhou Boyun.
The money that Zhou Boyun defrauded accumulated hundreds of billions of dollars, all of which were later transferred to the account of the SASAC by Gao Qiong. Then CCP let Zhou Boyun take the blame. The victim lost all the money and finally settled a matter by leaving it unsettled.
Shanlin fabricated a fake "Zhongyao Huajian" project half a year before being seized. As a result, they absorbed 11.5 billion in deposits. When all 11.5 billion entered the SASAC account, the CCP announced that Shanlin's P2P company was illegally raising funds, and the court let the victim People bear the loss, so we lost all our money.
These two cases will be described in detail in "Xi Jinping Faction P2P Fraud".
It shows that the CCP has used the whole country's power and top-level design, defrauded the people, and harvested them.
Another piece of evidence that P2P fraud was designed by the top level of the CCP Central Committee is that 6,000 P2P financial companies across the country were shut down, but all the money was stolen by CCP.
From 2013 when the first P2P company was closed, until I left China in 2020, the processing process and results of all P2P companies are the same. The court found some scapegoats to take the blame, the CCP stole all the money, and the court let the victims bear the losses themselves, and we lost all the money.
If the boss does not escape, the boss will go to jail. If the boss runs, the CCP will arrest several executives for taking the blame. At first, I had hope in the CCP that they might be good people.
But after I invested hundreds of thousands in several P2P companies, I experienced deposits, seizures, rights protection, and other matters. I have dealt with P2P bosses, police, judges, the Ministry of Public Security, etc., and conclude. It is a scam designed by the top level of the CCP Central Committee.
This is a movement of the Communist Party of China, the Party Central Committee, the State Council, the Great Hall of the People, the red powerful family, and the red demon to harvest the people. Those P2P scammers are all little monsters released by these old CCP monsters,
This scam is specially designed to eat the flesh and drink the blood of the people. The Chinese people cannot compete with the deceptions devised by the entire state apparatus. people are either persecuted by this monster or are persecuted by another monster. In short, the CCP monster is persecuting the people, otherwise, it wouldn’t be called a monster.
So why is "lying flat" the most popular word for Chinese people? It is the persecuted people's helpless choice of non-violence and non-cooperation after seeing through the essence of the CCP.