However, fund companies are established by large domestic financial institutions and will not go bankrupt easily.
In fact, fund companies and fund managers only care about trading operations, and fund assets are only in banks, so a special account is set up, called fund custody. Therefore, relatively speaking, there is only the risk of loss due to improper operation of traders, and there is basically no risk of theft or misappropriation.
How come such a large-scale fraud has not been caught? Who is his backer?