*By Conor White*
After the financial crisis of 2008, a group of investors looking for high-return investments sunk their money into a group of companies in China, only to find that what they thought was a great deal was potentially the biggest case of financial fraud in the last 25 years.
"What they discovered was these companies were not what they said they were," explained Jed Rothstein, director of 'The China Hustle'. "Some of them were complete, outright Potemkin village frauds, some of them were hugely misrepresenting their profits and their assets, and at the end of the day the guys in the film discovered that $50 billion was taken from investors here in the U.S."
In an interview Friday on Cheddar, Rothstein said it's still happening.
"According to the short-sellers, who are sort of the main characters in the film, there are a number of these companies still out there."
Despite uncovering the scam, investors have no way of getting their money back, punishing those who concocted it, or even stopping it.
"We really need to bring the regulatory regime up into the 21st century," argued Rothstein. "And that's going to be a pretty heavy lift in the current political environment where their main aim seems to be removing the regulations that we do have in place."
View the full segment [here](https://cheddar.com/videos/the-most-important-film-of-the-year).
Wikipedia has released its list of most viewed articles for 2023 with the site seeing over 84 billion visits. The most searched topic was ChatGPT with nearly 50 billion page views
Kim Kardashian is reportedly set to star in a new legal drama on Hulu.
The iconic holiday song 'Rockin' Around the Christmas Tree' has hit No. 1.
'Dick Clark's New Year's Rock and Eve' with Ryan Seacrest is bringing some new faces to this year's live broadcast.
The Museum of the Dog, which opened in 2019, features some of the world's largest collections of canine fine art. Alan Fausel, curator of the AKC Museum of the Dog, joined Cheddar News to discuss the museum's operations and history while also explaining the latest exhibit, "Fashionable Dogs."
Police officers in New Jersey were sent on a wild chase recently after a deer crashed through a window of an elementary school in Toms River.
Dhomonique Murphy, lifestyle expert, joined Cheddar News to kick off its new series, Holiday Gift Guide, by helping with suggestions on what to buy for your significant other.
The opening statements Monday in the trial against actor Jonathan Majors centered on whether the actor assaulted his former girlfriend, Grace Jabbari, after she read a romantic text message sent to his phone by another woman.
Instead of embracing the antiquated practice of ranking very different albums against one another, the Associated Press is celebrating the best next to the best.
Danny Seo, editor-in-chief of Naturally Danny Seo Magazine, shares some items that will help you create a delicious vegan meal that all of your guests can enjoy.
Load More