KUALA LUMPUR: Five Malaysians have been charged in connection with a US$214 million (RM950 million) fraudulent 'pump-and-dump' investment scheme in the United States.

According to a federal indictment filed Thursday in the US District Court in Chicago, the defendants engaged in 'misleading promotions and coordinated trading of shares' in China Liberal Education Holdings, Ltd, a company based in the Cayman Islands.

"From Nov 2024 to Feb 2025, the defendants engaged in misleading promotion and coordinated trading of shares of the company that purportedly provided educational services in China," a statement on the United States Attorney's Office website read.