# AMAC

Chinese Regulator Cracks Down on Private Fund Firm, Bans Controller for Life and Levies Tens of Millions in Fines

China’s securities regulator has imposed heavy fines and lifetime market bans after finding serious violations at Zhejiang Ruifengda Asset Management and related private funds. The move forms part of a broader regulatory drive to curb illegal fundraising, asset misappropriation, self-dealing and other abuses in the private fund sector, with potential criminal referrals to public security authorities.