The Chinese (and the Aussies) are known to be big gamblers, so a firm offering CFD’s and Currency Pairs would obviously appeal, and if the clients lose, then tough luck, that’s the nature of the gamble.
On the other hand, mutual funds are more likely to appeal to cautious savers rather than out and out gamblers. Sadly, what appears to have happened here, is that USG have offered a respectable looking fund to get money in, which it has then not invested, but used it to pay out those gamblers who have won. This makes it more like a classical Ponzi scheme.
In the USA, the perpetrators would now be facing a hefty jail sentence. In Australia, I’m not sure, but as the “main man” now lives in Mayanamar, one suspects that those who were cheated may never obtain justice.
There has always been unpleasant people about - and there always will be, but I would prefer them not to be connected to our “family” club.
Incidentally TT, it was your old friend KM who presented this great new deal to the world’s press - although I am sure nobody attached to United could have known what was going on.