![]() Some Chinese employees of the company were listed as guarantors of $220 million in loans, the suit alleges.Ī former William Morris agent, Fenton worked at DMG for 17 years. The suit says that the founders also took on millions in debt to pay for experimental regenerative medical treatments. ![]() ![]() ![]() The suit alleges that the founders borrowed hundreds of millions of dollars secured by DMG stock and used the funds to buy a $20 million mansion in Beverly Hills, multiple airplanes, including a $30 million Bombardier jet, and luxury vehicles, including Rolls-Royces, Bentleys and Ferraris. Fenton’s suit claims that the founders “have fled China and left DMG’s presence in China in shambles, with hundreds of employees losing their jobs.” Fenton accuses the founders – Dan Mintz, Wu Bing, and Peter Xiao – of reckless risk-taking, and of engaging in complex financial maneuvering to get money out of China.
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