On December 12, 2022, Seiden Law filed a massive lawsuit in New York state court against Xueyuan Han, the disgraced founder and controller of the Hanfor organization which has been exposed as a fraud by Chinese authorities.
The lawsuit alleges that Han, a New York resident, looted over $1 billion in investor funds in China and diverted them to accounts that he exclusively controls, including in New York. SLG represents a group of over ninety institutional and individual investors who collectively lost at least $50 million in the fraud.
Between 2006 and 2018, Han built an investment management empire in China that at its height managed approximately $13 billion in assets. In late 2018, the fraudulent conduct of Han’s empire was exposed in a nationwide Chinese government crackdown. In September 2018, just as the Chinese criminal investigations began, Han secretly fled China for New York, where he has resided ever since.
In April 2022, a Beijing court entered criminal convictions of Han’s entities and associates. The Beijing court found that approximately $1.4 billion in investor funds “disappeared” from an account exclusively controlled by Han.
SLG’s lawyers have vast experience in high-stakes China-related disputes, including Robert Seiden who has been appointed Receiver over dozens of Chinese companies and recovered many millions, Amiad Kushner who won hundreds of millions on behalf of a large Chinese insurer in a Hong Kong arbitration, and Xintong Zhang, who is admitted in the US and China and has vast experience in Chinese courts. SLG’s China practice team worked with diverse groups of investors in China to uncover evidence, investigate this fraud and ultimately file this hard-hitting lawsuit to recover the money.