In a significant victory for defrauded investors, the U.S. Attorney’s Office for the Northern District of Illinois has seized a staggering $214 million in an ongoing case involving alleged stock manipulation. This substantial recovery comes as a result of a complex investigation targeting seven individuals based in Taiwan and Malaysia, accused of orchestrating a scheme to defraud American investors in China Liberal Education Holdings, Ltd. (CLEU).

The indictment, handed down by a grand jury in March, details a sophisticated operation designed to manipulate CLEU shares for illicit profit. Now, thanks to a May 27th court order, this massive sum – previously held in U.S. custody – has been permanently forfeited by the defendants. The U.S. Attorney for the Northern District of Illinois, Andrew Boutros, emphasized the priority placed on returning these funds to the victims, stating on May 28th that “Our attorneys and staff in this case placed a high priority on recovering funds for victims.”

This substantial seizure marks a significant step forward in bringing the perpetrators to justice and providing much-needed restitution to those who suffered financial losses as a result of this alleged fraud. The ongoing investigation underscores the commitment to combating financial crimes and protecting American investors.