In Depth: Behind the Suicide of Leading Figure in Shady Fundraising Practice

Yu Lei made over 1 billion yuan helping state-backed firms issue bonds through ‘structured issuances,’ before losing much of it when his business partners betrayed him

Yu Lei, an investment manager who made a fortune in a now-banned fundraising practice, took his own life on Feb. 16.

Yu Lei, an investment manager who made a fortune in a now-banned fundraising practice only to end up being detained by authorities and betrayed by his business partners, killed himself earlier this month at his home in Shanghai, sources with knowledge of the matter told Caixin.

Yu, who would have turned 40 this year if he hadn’t already, had amassed more than 1 billion yuan ($138.9 billion) in personal wealth over just a handful of years from 2019, the sources said. He accomplished this feat chiefly by helping state-backed firms issue bonds through what’s known as “structured issuance,” a practice that has been banned by regulators.