【直报网2月3日讯】（法制日报）2013年至2014年，天津第二中级人民法院辖区法院共审理非法集资刑事案件22件，涉案金额109.95亿元，涉及被害人超过3.7万人。22件案件中，以私募基金作为敛财手段的18件，涉案金额108.2亿元，涉及被害人3.6万余人。

CNDSN February 3rd news [] (Legal Daily) from 2013 to 2014, Tianjin Second Intermediate People's court district court trial of criminal cases of illegal fund-raising 22, involving 10995000000 yuan, more than 37000 people to the victim. In 22 cases, to private equity funds as 18 pieces of money means that the amount of 10820000000 yuan, more than 3.6 people involved in the victim.

近年来，私募基金领域中的非法集资案件数量居高不下，大案要案频发，涉案地域广，参与集资群众众多，严重损害了人民群众的利益。天津二中院近日公布涉私募基金刑事审判白皮书，披露“伪私募”犯罪伎俩。

In recent years, the number of cases of illegal fund-raising private equity funds in the field of high, major cases frequently, involving regional wide, participate in fund-raising masses is numerous, serious damage to the interests of the people. Tianjin second intermediate people's court criminal trial involving private equity fund published white paper recently, the disclosure of "pseudo private" criminal tricks.

募集资金多靠空壳公司

To raise funds depend on the shell company

私募基金公司对引导民间投资、活跃资本市场、促进企业发展发挥了重要作用，但也出现一些通过诈骗投资者钱财进行募集资金、吸收存款的空壳公司。

Private equity firms play an important role in guiding the private investment and active capital market, promote the development of enterprises, but also appeared some to raise funds and deposits by cheating investors money shell company.

据统计，18起案件中有16起涉及空壳公司，公司注册地均为天津市滨海新区。为吸引更多投资者，大多数犯罪分子打着滨海新区先行先试的旗号，到全国各地引诱不明真相的群众上当受骗。

According to statistics, 18 cases there were 16 cases involving a shell company, the company is registered for Tianjin Binhai New area. In order to attract more investors, most criminals under the banner of Binhai New Area pilot, to all parts of the country to lure unsuspecting people cheated.

为了尽可能多地吸引投资者，犯罪分子往往将单个投资者的投资数额下限设定得较低，甚至以“新股发行”“原始股内部认购”为名，将股份打折出售给投资者，对认购人数也不做限制。

As much as possible in order to attract investors, criminals often to individual investors investment amount limit set low, even with "IPO" primitive "internal subscription" name, will share sell at a discount to the investors, also do not limit to the number of subscription.

涉案的私募基金公司利用上述手段，不仅在全国各地吸引大量小额投资者，而且以小聚多、资金总额巨大，18起涉私募基金犯罪案件平均每案涉案金额超过6亿元。

Private equity firms involved using the above method, not only in the country to attract a large number of small investors, and to the small poly, the amount of funds is enormous, 18 cases involving the private equity fund crime per case amount to more than 600000000 yuan.

高额回报为幌颇似传销

High returns for and quite similar to pyramid

据介绍，犯罪分子常以投资项目系“政府支持、政策扶持”作为噱头，夸大、虚构风险承担能力，甚至打着“支持地方经济发展”“高新产业”“绿色环保产业”“发展三农”等旗号，假借发行证券、投资理财、创业投资等形式，诱骗群众投资。

According to introducing, criminals often invest in projects "government support, policy support" as a stunt, exaggerated, fictional ability to bear the risk, even under the banner of "supporting the development of local economy" "hi tech industry" and "green industry" and "three rural" development such as banner, under the guise of issuing securities, investment banking, form of venture investment, deception the masses of investment.

犯罪分子大多利用高额利息、分红的承诺引诱投资。在审结的案件中，犯罪分子承诺的年息最高达25%，月息甚至高达10%，并承诺以3个月、6个月、1年不等的期限返还投资款及利润。

Criminals are using high interest, dividends to lure investment commitment. At the conclusion of the case, the criminal commitment rate up to 25%, the monthly interest rate even reaches as high as 10%, and promised to return of investment proceeds and profits to ranging from 3 months, 6 months, a period of 1 years.

此类案件的犯罪网络构成传销特征明显，自上而下从公司发起人、管理人员到公司内部宣传营销业务人员，再到负责为投资公司挖掘客户赚取高额佣金的代理人，在全国范围进行非法吸收公众资金活动。

Such cases constitute crime network MLM characteristics obviously, the promoter, the top-down from the company management personnel to the company internal marketing business personnel, to earn high commission is responsible for the investment company customer mining agent, for illegal absorption of public funds activities across the country.

为取得客户信任，他们首先通过网络媒体、推介会和代理人向不特定社会公众公开宣传投资项目与高额回报收益，而后由代理人邀请投资者到犯罪分子租赁的豪华办公地点参观，其间由所谓的公司高管进行接待，为投资者进行讲座“洗脑”，许诺高额利息回报以及发展下线投资者可获取高额提成。

In order to obtain the trust of the clients, they first through the network media, promotion and the agent not to specific social public propaganda investment projects and high returns, then by the agent invites investors to criminals lease luxury office visit, during the reception by the so-called company executives, for investors to make the lecture "brainwashing", promised high interest returns and the development of offline investors can get high commission.

由于部分被害人为亲戚、朋友、同事关系，“网头”多以此作为突破口，进一步扩大募集范围，一些投资者甚至逐渐扮演起“网头”的角色。

Because the part of the victim to relatives, friends, colleague relationship, "net head" as a breakthrough, to further expand the scope of recruitment, some investors even gradually playing a "net head" role.

非法私募基金的“雪球”之所以越滚越大，是因为犯罪分子抓住了受害群众普遍存在的“暴富”心理，通过先期兑现高额回报，使受害群众深信不疑，或通过邀请公众人物参观、合影，参加公司各种活动，聘请专家论证，制造舆论效应，使既不具备专业投资理财知识也没有金融投资经验和风险识别能力的受害人上套。

Illegal private funds "snowball" is snowball, because criminals seized victims of widespread "rich" psychology, through the pre cashed high returns, to let victims believe, or by inviting public figures to visit, photo, participate in the company's various activities, invited experts, to create public opinion effect, make both do not have the professional investment knowledge nor the financial investment experience and risk identification ability on the set of the victim.

跨区域监管缺法律支撑

Cross regional supervision lack of legal support

天津二中院分析称，近年来，监管私募基金行业法律法规不断增加，但凸显出法律法规系统性和针对性不足，尤其是跨区域监管欠缺法律支撑问题。

Tianjin erzhongyuan analysis says, in recent years, laws and regulations, industry supervision of private equity funds continue to increase, but highlights the laws and regulations system and aiming at the defects, especially the problem of lack of legal support cross regional supervision.

据介绍，现有监管规定多侧重于规范私募基金企业的登记、注册、备案等程序，缺乏募集、投资、管理方面的实质性规范。案件反映出，不断增强的形式审查，不仅未能起到严格限定准入标准、规范资本运行的作用，反而让不法分子轻易获得具有公示效力的证照和注册信息，更容易获取投资者信任。

According to introducing, registration, filing and other existing procedures regulations focused more on the enterprise standard of private equity funds, the lack of substantive norms raising, investment and management. The case reflects the form of review constantly enhanced, not only failed to strictly limit access standards, regulate the capital operation effect, but let the criminals easily obtained with the publicity effect of the license and registration information, easier to obtain the trust of investors.

另外，涉私募基金非法集资性质认定的行政法规不完善，行政机关发现私募基金可能存在非法集资问题时，在是否入罪的标准上掌握不够严格，甚至过度依赖刑事诉讼程序解决非法集资问题。行政处罚手段运用不充分，对合法私募企业非法集资犯罪和非法集资一般违法行为区分不够明确，不利于引导私募行业健康发展。▲

In addition, involving private equity fund raising funds illegally cognizance of the nature of administrative regulations is not perfect, the administrative organ finds the private equity fund may exist in illegal fund-raising problems, whether the conviction standard master not strict enough, even over reliance on criminal procedure to solve the problem of illegal fund-raising. The administrative punishment means insufficient use of private enterprises, legitimate illegal fund-raising crime and illegal fund-raising general illegal behavior distinction is not clear enough, is not conducive to the healthy development of the private sector. *

（原标题：“伪私募”集资多靠空壳公司 以高额回报为幌似传销）

(original title: "pseudo private capital depend on the shell companies with high returns as and similar to pyramid)

责任编辑：宝蓝

Editor: Blue