From 2021 to 2023, Mr. Z promoted "pre-IPO original shares" of a company to Chinese community members through WeChat groups and dinners. He promised a Nasdaq listing within six months and returns of five to ten times. More than thirty people transferred money to him, from $50,000 to $800,000 each, for close to $7 million in total. The company did later go public through a reverse merger, but the investors never received any shares. At the end of 2024, someone checked the shareholder register, and their names were not on it. Mr. Z first said the shares were still in a lock-up period, then stopped responding. More than twenty investors came to Lingtu Law together.

• The biggest risk was that the money would disappear. As soon as investors began asking questions, large sums started moving out of Mr. Z's accounts.
• Mr. Z said he was only an intermediary and the money had already gone to the listed company.
• Some investors had been close friends of Mr. Z for years, and they had differing views.

• In March 2025 we filed suit. The same week, we asked the court to freeze the two accounts that had received investment funds. In May the court approved a lien on two properties in his name.
• We matched the bank records line by line. Less than a tenth had actually reached the company. Most went into down payments and mortgages on the two properties, and a further amount was transferred to his spouse, who bought a third property. In August we added the third property to the suit and to the lien.
• We had all investors use the same complaint and the same evidence, and settlement talks covered the group as a whole. In November 2025 the mediation produced an agreement. Mr. Z agreed to sell property to repay, and signed an acknowledgment: any further default would let investors seek judgment for the full amount plus interest.

Date	Milestone
March 2025	Lingtu Law filed suit in Los Angeles County Superior Court for more than twenty investors; the court issued a temporary freeze on two accounts the same week
May 2025	Court held the lien hearing and approved liens on two accounts and two properties
August 2025	Bank records traced a third property; added it to the suit and expanded the liens
November 2025	Mediated settlement reached; Mr. Z signed, agreeing that any further default would let investors seek judgment directly
March 2026	First two properties sold; frozen account funds and sale proceeds distributed to investors in a first round
September 2026	Third property transferred; second distribution completed

Of nearly $7 million in investments, clients recovered about $5.6 million, more than 80%.