Couple Accused of Selling Fake Antiques for $200 Million Flees Taiwan Before Sentencing

A high-profile fraud case involving fake antiques has resulted in significant prison sentences for the perpetrators, though the main suspects have already absconded. Lin Maotang and Chen Liqing, the president and his wife of Dabama Art Investment Group, along with calligrapher Fang Ruifeng and 12 others, were found guilty of operating a scheme that defrauded over a thousand victims of approximately $200 million.

The scheme involved establishing Tianchang International Art Company, which sold counterfeit ancient artifacts and held exhibitions to attract investors. The court documents reveal that as early as 2011, Fang Ruifeng, Lin Maotang, and Chen Liqing conspired to securitize ancient artifacts, knowing that many of the items were forgeries. They allegedly convinced a man named Mr. Zhang to invest $32 million in a company they planned to establish in the United States, promising a stock market listing within two years.

Following the investment, Lin and Chen proceeded to register a company in the U.S. Upon their return to Taiwan, they opened Tianchang International Art Company, with Fang serving as chairman and Lin as general manager. The company held exhibitions of ancient artifacts, allegedly raising over $100 million before ceasing operations in August 2015, at which point investors realized they had been deceived.

While Fang Ruifeng has been imprisoned serving a 3.5-year sentence, Lin Maotang and Chen Liqing have become fugitives. They are believed to have fled Taiwan sometime in 2024, prompting prosecutors to issue arrest warrants, cancel their passports, and notify relevant authorities to track their whereabouts. The Supreme Court upheld sentences for Lin and Chen, sentencing Lin to 8 years and 2 months and Chen to 6 years and 9 months for violations of the Securities Transaction Act.