Litigation Releases (Bin Hao and Qidian LLC)

U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 26500 / March 17, 2026

Securities and Exchange Commission v. Bin Hao and Qidian, LLC, No. 23 cv 23704 JEM (S.D. Fla. filed on Sept. 28, 2023)

SEC Obtains Final Judgment as to Virginia Resident in Alleged Ponzi Scheme that Targeted Chinese Americans

On March 5, 2026, the U.S. District Court for the Southern District of Florida entered a final judgment as to defendant Bin Hao in the SEC's civil enforcement action against Hao and his company, Qidian LLC.

According to the SEC's complaint, from at least January 2017 to as late as 2021, Hao and Qidian sold promissory notes and membership interests in various special purpose vehicles to investors with high annual return rates of 8-25% to facilitate providing loans to a Miami-based real estate company. The complaint alleged that starting in January 2019, the Miami real estate company ceased paying nearly all interest on loans it received from Qidian. Nevertheless, Qidian and Hao allegedly continued to solicit investors after January 2019, and raised at least $10.3 million while misrepresenting that Qidian was using investor proceeds to invest in real estate ventures to generate "guaranteed" annual investment returns. The complaint further alleged that Qidian and Hao used more than $2.3 million of new investor money to pay prior investors' interest in a Ponzi-like fashion, and Hao misappropriated at least $793,267 to pay personal expenses.

Without admitting or denying the allegations made in the complaint, Hao and Qidian consented to bifurcated judgments, entered by the Court on March 6, 2025, in which they agreed to be permanently enjoined from violating Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder; and to pay disgorgement with prejudgment interest and/or a civil payment in amounts determined by the Court upon motion by the Commission. In addition, Hao agreed to an officer-and-director bar. The final judgment as to Hao, which concludes the SEC's litigation on this matter, ordered Hao to pay disgorgement of $1,526,484, prejudgment interest of $475,201, and a civil penalty of $236,451, for a total of $2,238,136.

The SEC's investigation was conducted by Paul Hopker and supervised by Jason R. Berkowitz of the SEC's Miami Regional Office. The litigation was led by Alice Sum with assistance from Michael J. Gonzalez, under the supervision of Russell Koonin and Stephanie N. Moot.