FINANCE

China Probes American-Founded Wealth Group Over Alleged Illegal Fundraising

Published: Dec. 17, 2025 5:05 p.m. GMT+8

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Jialin Niu (left), Troy McBride

Chinese police opened a criminal investigation last week into a company linked to Golden Sun, an American-founded wealth-education group operating in China, for suspected illegal fundraising, Caixin has learned from people with knowledge of the matter.

Founded in 2006 by Chinese-American Jialin Niu and her U.S. partner Troy McBride, the group drew large numbers of participants into paid financial courses before steering many of them into opaque investment schemes branded as real estate investment trusts (REITs).

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Chinese police launched a criminal investigation into a company tied to Golden Sun for suspected illegal fundraising, involving opaque REIT-like schemes.
Golden Sun, founded by Jialin Niu and Troy McBride, had over 30 branches and reportedly handled up to 90 billion yuan, with at least 10 billion yuan in investor funds missing.
Legal action in the U.S. failed; Chinese authorities began investigating after investor complaints in late 2023.

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Who’s Who

Golden Sun: Golden Sun is an American-founded wealth-education group that operated in China. Founded in 2006 by Jialin Niu and Troy McBride, it offered paid financial courses and steered participants into opaque investment schemes, often referred to as REITs. Chinese police have opened a criminal investigation into a company linked to Golden Sun for suspected illegal fundraising. The group, despite its educational facade, is accused of using community pressure and sales tactics to encourage high-risk investments, with an estimated 10 billion yuan in investor funds missing.

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What Happened When

2006：: Golden Sun was founded by Chinese-American Jialin Niu and her U.S. partner Troy McBride.

February 2015：: Jialin Niu returned to the U.S., after which participants were largely unable to reach her.

Over the following decade after February 2015：: Projects promoted as REITs were gradually transferred or disposed of, and the securitization plan presented to participants fell apart.

February 2025：: The Washington State Court of Appeals upheld the dismissal of a civil case brought by 12 plaintiffs regarding the investment schemes.