Want China Times
Date: 2015-06-23
By: Hsiao Po-wen and Staff Reporter
Luo Xuliang, an executive at Taiwan-based unlisted company Zodic Light World Tech (ZLW Tech),
A composite image showing Luo Xuliang holding €100 (US$112) in front of a poster for The Wolf of Wall Street with EU, Honduran, Slovak and Taiwanese flags in the foreground. (Photo/China Times)
is suspected of defrauding investors by fabricating reports on a cooperation deal with European medical equipment maker Chirana Group and a memorandum of understanding on cooperation with Honduras, according to our sister paper China Times.
The company fabricated reports on the deals to fuel interest in the unlisted stocks in a scam similar to the pump-and-dump fraud depicted in Martin Scorsese’s The Wolf of Wall Street, according to the paper.
Luo is currently in Austria and refused to answer questions concerning the investigation against the company.
Luo’s ruse was successful in part due to the attendance of a representative from the Taipei Slovak Economic and Cultural Office and a professor from Taipei Medical University at investor meetings and press events. Luo is said to have misrepresented himself to representatives from different countries and certain prominent professionals at events, taking photographs shaking hands with them and then publicizing them to fuel interest in the company’s shares. [FULL STORY]
