Search engine brought up this blog, allegedly by Ming Xu, where he laments at getting involved with bad people in China, denies ANY responsibility of defrauding people in China and in the US. He also called people in China generally more morally corrupt than the people in the US.
http://blog.sina.com.cn/s/blog_67bfab070100orzy.html
It is in Chinese, so here's a short translation:
Regarding alleged scams in China
2005年低，我拿到美国绿卡后。开始回到中国，我们当时签约了中坤地产。操作其旅游业务的上市。
At the end of 2005, I got US green card, so I returned to China, and we signed up ChungSheng Realty, and helped their travel department's IPO.
当时，通过朋友介绍，我们也考察了哈尔滨富华公司。
Also, through a friend's introduction, we studied Harbin's FuHua company.
2007年签约作为其财务顾问，操作其上市。
We signed contract in 2007 to be their financial advisor, to control its IPO.
我们投资上市壳公司。这在当时是一个金融创新。
We invested in the IPO Shell company. This at the time is a financial innovation.
因为当时所有的中国公司必须化钱买壳。我们的壳不需要现金购买。
At the time, all the Chinese companies need to spend money to buy shell. Our shell costs no cash.
但是后来其董事长由于债务问题被抓出事， 其上市也不了了之。
However, the CEO later got arrested for debt problems, so the IPO never happened.
我们的投资和时间也付之东水。
Our investment and time are also lost.
但是后来很多投资过哈尔滨富华，不明真相之人，怪我们没有操作成功其上市。
Later many people who invested in Harbin FuHua company, and do not know the truth, blame us for unsuccessful IPO.
但这不是我们能控制的，我们也没有从其集资中获益， 我们只是财务顾问， 我们也是壳的投资者。
This is beyond our control. We did not profit from this. We are financial advisor only. We invested in the shell too.
从此事件后，我们对有民间集资背景的公司，很慎重介入， 防止被其利用去民间集资。
AFter this, we are very careful in joining any company that raises capital from the masses, to prevent raising money from the public.
当时利用上市去民间集资，很风行。 但是大多数是没有退出机制的。
At the time IPO to raise money from investor is very popular, but vast majority has no way to back out.
我们本来想解决这个问题，但是由于突发事件，我们也没有这个机会来解决其退出机制的问题。我们对此很遗憾。
We wanted to solve this problem, but the problem was sudden, and we had no chance to solve this chance to back out, to our everlasting regret.
中间我们还签约了沈阳帝杰，作为其上市顾问，后来重组了该公司。
We also signed DiJie from Shenyang, to be IPO consultant, and reorganized the company.
后来我们聘用的律师尽职调查发现其业务有问题，我们就退出了合作，签订了终止合作协议。后来其董事长也出事了。
Later our lawyer, investigated and found problems, so we backed out of the deal, and signed our withdrawal. Later its CEO also got into problems.
我的经验教训，我们要选择好合作伙伴。
My experience has taught me that we need to choose good working partners.
若合作伙伴没有选好， 再好的商业设计也是前功尽弃。
We we did not choose the right partners, no matter how good the company is, it will be wasted.
道不同不可以相为谋。 正如神说， 义与不义， 不能同负一轭。
(some Chinese adage, and a bible adage of similar talk)
第二，在中国，我们若不谨慎小心， 就很容易成为别人做的局里面的棋子， 被人利用。
Second, in China, if we're not careful, we can be a pawn in someone else's game, and be used.
