Fraud Scheme By Wu Zheng (Bruno Wu)’s Shell Company Ideanomics (IDEX)

On Aug 20, the “FeiFei Show” exposed that a company had investigated Wu Zheng’s (吴征) Ideanomics in 2020 and the investigation report revealed some details of fraud in the company’s operation. Wu Zheng’s English name is Bruno Wu. Ideanomics(IDEX) is a NASDAQ company.

 Reports say that Ideanomics has several news items on its Web site claiming that it has signed five electric vehicle deals. However, four of them are denied and they don’t even know what Ideanomics is. Ideanomics also claims to be building a 1 million square meters electric vehicle expo center in Qingdao. And investigations show that the local staff never heard of Ideanomics. Ideanomics has only a mailing box over there. Ideanomics’ purported local partners and investors also never heard of it. 

 Ideanomics has also claimed that several famous auto groups were going to make some deals with it, such as Tesla, BYD, Chery, Dongfeng, etc. While these claims are false, Ideanomics has been marketing fake news through media releases, while there is money behind it to pull Ideanomics shares up and then back down sharply. Fellow Fighters claimed this is a common CCP’s fraudulent trading in the stock market, such as Wall Street. That is, the manipulator first releases false news, then the big money flows in to pull up the stock price, attracting retail investors to increase their positions, and finally all the money dumped, causing the stock price to fall sharply. Those accounts that run away before the big funds withdraw investment belong to these inside traders.

 However, this manipulation of stock prices was not taken seriously by ordinary shareholders. In addition, Ideanomics’ registered accounting agent is based at a home address, and another professional accounting firm did not even sign its name when Ideanomics submitted its financial documents to the SEC. In Ideanomics’ decade-long fraudulent career, the SEC played no regulatory role.