本研究旨在探討 [非經核准境外金融商品] 之投資風險，並分析投資人在面對高收益誘惑時之行為偏誤。研究動機源於研究者於 2020 年間，投資百麗財富代理之套利基金與澳豐金融集團之相關基金， 研究者與家族成員投資總額達 350 萬美元，卻於後續遭遇出金失靈且平台倒閉，導致資產面臨重大損失。 為深入探究此類國際金融陷阱，決定報考進入國立政治大學商學院 EMBA 國際金融組進修， 期望將實務創傷轉化為學術論證。
本研究採用個案研究法，針對百麗與澳豐兩大案例進行深度剖析。 研究發現，此類非法境外基金主要利用「資訊不對稱」與「監管套利」建構虛假的套利獲利邏輯。 在投資人行為層面，研究發現即便具備一定社經地位之投資人，在決策過程中仍易受「羊群效應」、「過度自信」及「確認偏誤」之影響；而當危機發生時，「損失規避」心理常使投資人忽略早期警訊，錯失停損良機。本研究最後提出境外基金風險辨識指標與監管建議，期能為投資者提供預警機制，減少類似金融悲劇重演。
關鍵字: 非法境外基金, 出金失靈, 投資行為徧誤, 監管套利, 權威徧誤

This research aims to investigate the investment risks associated with unauthorized offshore financial products and analyze the behavioral biases of investors when faced with high-yield temptations. The motivation for this study stems from the researcher's personal experience in 2020, involving a total investment of US$350,000 in arbitrage funds represented by Best Leader Markets PTY LTD and various funds from the Ayers Alliance Financial Group (AAFG). The subsequent failure of withdrawals and the collapse of these platforms resulted in significant financial losses. To deeply explore such international financial traps, the researcher enrolled in the EMBA International Finance Program at National Chengchi University, seeking to transform practical trauma into academic evidence.
Using a case study methodology, this research conducts an in-depth analysis of the Best Leader and Ayers Alliance The findings indicate that these illegal offshore funds primarily exploit "information asymmetry" and "regulatory arbitrage" to construct fraudulent arbitrage-profit logics. Regarding investor behavior, the study reveals that even investors with certain socioeconomic statuses are susceptible to "herding effects," "overconfidence," and "confirmation bias" during the decision-making process. Furthermore, when a crisis arises, the psychology of "loss aversion" often leads investors to ignore early warning signs, missing the opportunity for timely stop-loss actions. Finally, this study proposes risk identification indicators and regulatory recommendations for offshore funds, aiming to provide a warning mechanism for investors and prevent the recurrence of similar financial tragedies.
Keywords: Illegal Offshore Funds, Redemption Failure, Investment Behavioral Bias, Regulatory Arbitrage, Authority Bias

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