Ep 8. Chasing Tesla

American Greed takes viewers into the world of white-collar crime, exploring the stories of those who have used lies, deceit, and manipulation to acquire wealth and power. In season 15 episode 8, titled "Chasing Tesla," the series delves into the case of a man who claimed to be on the cutting edge of technology while running a massive fraud scheme.

For years, Stefan He Qin convinced investors that he was a tech genius and successful cryptocurrency trader. He founded a hedge fund called Virgil Capital, which he described as the "Quantum Fund for Crypto." Using his charm and confidence, Qin convinced investors to give him millions of dollars to invest in cryptocurrency. According to Qin, he had a secret algorithm that allowed him to make enormous profits on the market.

However, all was not as it seemed. Qin was not the prodigy that he claimed to be. In reality, he was simply stealing money from investors and using it to finance his lavish lifestyle of cars, designer clothes, and expensive vacations. Despite this, Qin continued to lure in investors, promising them huge returns on their investments.

As the scheme grew larger, Qin began to attract attention from financial regulators and law enforcement. Eventually, he was investigated and charged with running a Ponzi scheme, which he pleaded guilty to in February 2021. Qin faces up to 20 years in prison.

"Chasing Tesla" explores the rise and fall of Stefan He Qin and his fraudulent scheme, highlighting the damage caused to investors who believed in his lies. Through interviews with those involved in the case, including investors and law enforcement officials, the episode details how Qin was able to hide his crimes for so long and the measures taken to bring him to justice.

As with all episodes of American Greed, "Chasing Tesla" aims to uncover the workings of white-collar crime and the individuals who perpetrate it. This installment offers a cautionary tale for those looking to invest in new technologies and the importance of doing proper due diligence before handing over money. The episode serves as a reminder of the devastating impact that greed can have and the need for accountability and justice in cases of financial fraud.