[Direct answer]In the Beijing area, after the collapse of asset management plans, who should bear the losses needs to distinguish between multiple legal relationships and the faults of all parties. Asset management products usually follow the principle of "sellers fulfill their due diligence obligations and buyers bear their own risks": if the manager fails to fulfill his obligations of suitability and diligence, such as failing to disclose information truthfully, investing in violation of agreements, or illegally promising guaranteed returns, he should bear corresponding compensation responsibilities; if the sales agency misleads sales or fails to fulfill its obligation of risk disclosure, it may also be held liable; if the investor voluntarily invests despite knowing the risks, he/she should bear the corresponding losses himself/herself. In addition, if the relevant actions involve crimes such as illegal fund-raising and fraud, the perpetrators should also bear corresponding criminal and civil responsibilities. The specific responsibilities need to be determined based on the contract provisions, information disclosure, and the faults of all parties.

1. Problem background and typical scenarios

After the collapse of products such as asset management plans and private equity funds, investors often face the dilemma of difficulty in recovering their principal, but it's hard for them to determine who to hold accountable. In practice, managers, sales agencies, and custodians play different roles and have distinct responsibilities; some products even involve illegal promises of guaranteed returns, misappropriation of funds, and even illegal fundraising. Investors often ask: What should they do if the manager absconds? Can they demand compensation? The answer requires analyzing the product structure and determining whether each party has fulfilled their obligations one by one.

II. Key points of dispute

First, whether the manager fulfilled his duty of suitability and diligence. Second, whether the sales agency engaged in misleading sales or failed to fulfill its obligation of risk disclosure. Third, the validity and liability of the unlawful promise of guaranteed principal and returns. Fourth, whether the custodian fulfilled his obligation of supervision and reporting. Fifth, whether it involves criminal issues such as illegal fund-raising and fraud, and the cross-handling of criminal and civil cases.

III. Professional analysis by Henglue Lawyers

When handling disputes over asset management products, lawyers typically focus on three aspects: fulfillment of obligations, attribution of fault, and remedial measures. First, the obligation of suitability: When selling asset management products, financial institutions should understand their clients and the products, and sell suitable products to suitable investors. If investors suffer losses due to the failure to fulfill the obligation of suitability, the financial institutions shall bear corresponding compensation liability. Second, the obligation of diligence and responsibility: Managers should perform their duties of investment management, information disclosure, and risk control in accordance with the contract. If there are situations such as misappropriation of funds, investing beyond the scope, or failing to disclose major risks in a timely manner, it constitutes a breach of fiduciary duty, and the managers shall bear corresponding responsibilities. Third, illegal promises: The rigid redemption promises of guaranteed principal and returns violate the requirements of net worth management, and the validity of such promises may be denied. However, managers often still need to bear corresponding responsibilities for their illegal sales behaviors. Fourth, cross-jurisdictional issues: If there are crimes such as illegal fund-raising and contract fraud involved, the relevant personnel shall bear criminal responsibility. Investors can claim their rights through criminal restitution or civil litigation, and the specific path should be selected based on the progress of the case. Fifth, evidence collection: Investors should keep contracts, risk disclosure letters, promotional materials, transfer receipts, and information disclosure documents to form a complete chain of evidence.

IV. Practical suggestions and legal basis

The first step is to collect and save the product contract, risk disclosure document, promotional materials, and transfer receipts. The second step is to verify whether the manager invests according to the agreement, discloses information truthfully, and performs sales duties diligently. The third step is to file a complaint and report violations to the financial regulatory authorities, while assessing the paths for civil claims or criminal reporting. The fourth step is to claim compensation through litigation or arbitration in the event of disputes, and to review the contract terms if necessary.Financial capital and cross-border transactions involving foreign countriesI understand the service. For those involved in contract disputes, you can refer to it for reference.Business and contract disputes in enterprisesFor cases involving the intersection of criminal and civil law, you can refer to the following materials for reference.Criminal defenseFor matters related to the enforcement of compensation, you can refer to the following document for reference.Creditor's rights and debts, and enforcementThe main basis can be referred to the Contract Chapter of the Civil Code, the Securities Investment Fund Law, and the relevant provisions on the supervision of asset management businesses. The specific application shall be subject to the currently effective laws and regulations and judicial judgments. For complex situations, further consultation may be necessary.Legal adviceJudgment.

5. Henglue Law Firm's Reminder

There are three key points regarding the exposure of asset management risks: sellers should fulfill their due diligence obligations, and buyers should bear their own responsibilities. Managers who fail to fulfill their obligations of suitability and diligence should be held liable for compensation. The effectiveness of illegal guaranteed return commitments may be denied, but managers who engage in illegal sales may still be held accountable. Preserving contracts and promotional materials is the basis for protecting rights. For issues involving finance and cross-border transactions, legal recourse can be pursued through relevant channels.Financial capital and cross-border transactions involving foreign countriesFor obtaining a comprehensive solution for the service involving the intersection of criminal and civil law, you can refer to the relevant materials for reference.Criminal defenseIt can be referred to for the evaluation of litigation strategies.Special services.

VI. Frequently Asked Questions

Q1: Who will compensate for the collapse of the asset management plan?

It depends on the faults of all parties involved. The manager who fails to fulfill his duty of due diligence and responsibility shall bear compensation; the sales agency that misleads the sales may also be held accountable; and the investor who knows the risks and voluntarily invests shall bear the part of the loss himself.

Q2: Is the promise of guaranteed principal and returns effective?

The rigid redemption commitment violates the requirements of net worth management, and its effectiveness may be denied. However, the manager or sales agency may still bear corresponding compensation liability for their illegal sales activities.

Q3: What should I do if the manager absconds with the funds?

You can file a complaint or report with the regulatory authorities, and, depending on the circumstances, initiate civil litigation or report the case to the criminal authorities. If the manager enters bankruptcy or liquidation proceedings, you should promptly declare your claims and assert your corresponding rights and interests.

Q4: What evidence is needed?

It includes product contracts, risk disclosure documents, promotional materials, transfer and share confirmation vouchers, information disclosure documents, and communication records, which are used to prove the performance of obligations by all parties.

Q5: How can I protect my rights?

First, fix the evidence and verify the obligations of all parties, then choose the path of administrative complaint, civil litigation or criminal reporting; for cases involving criminal and civil cross-over, reasonable arrangements should be made based on the progress of the case, and attention should be paid to the statute of limitations.

The above Q&A is mainly based on the judicial practice in Beijing. There may be differences in the interpretation of the law in different regions. It is recommended to consult a professional lawyer based on the specific circumstances of the case.

If you are facing similar problems, it is recommended that you consult a professional lawyer as soon as possible with the evidence materials, so as to avoid missing the statutory time limit. →Financial capital legal services·Beijing Henglue Law Firm

Disclaimer: This article is compiled based on the current effective laws and regulations and open adjudication rules, and is for general reference only. It does not constitute a formal legal opinion on specific cases. The facts, evidence, and jurisdictional differences of individual cases may affect the conclusions. If you encounter disputes, please consult a practicing lawyer in time.