Krista Freitag, the appointed receiver for World Capital Market and its various attached entities has released her 2nd report. The body of the report informs the reader of the complexity of the ponzi scheme headed by Ming Xu. The surface of what happened and where the money collected from the victims has gone has only been scratched and it will likely never be fully discovered.
Freitag has taken a no-nonsense stance and been working hard to establish where the remaining assets are located and to recover cash from various entities.
Unsurprisingly, the 2nd report reveals Ming Xu tried to remove items from on of the seized properties on more than one occasion. In both instances after being contacted by law enforcement or the receivership, the items were recovered. One time the items were located in a U-Haul trailer in a hotel parking lot. Also mentioned are a portion of the numerous entities previously discovered by internet investigators prior to the SEC action, including Agape Technologies, AXM Global, Goldpoint Holdings, Harvard Global Institute, Joseph Global Institute, Kingdom Golf and Kingdom Healthcare to name a few. A few of the listed ventures are new information to this site, such as Supercare Medical Group which was Xu’s venture into the Urgent Care field.
Zhi Liu (AKA Tiger Liu) is also mentioned in the report, although it is unclear if he has provided any information to Freitag at this time. The report references pending legal action against Tiger for skimming money from the Kingdomtrade platform and using the money to start another scheme. Of interesting note is around the time Tiger started to disappear from WCM777/Kingdom777, JuDing USA appeared to be gathering steam. BehindMLM reported at that time JuDing USA web site source code had references to WCM777 imbedded in the login. No direct link has been established between WCM777/Kingdom777, Ming Xu or Zhi Liu other than the above.
To read the full report, visit the receivers site here.