China Executes Man for Ant-Breeding Scheme

Wang Zhendong, the man at the center of the Yilishen investment scam that resulted in mass social unrest, was executed Wednesday. The Associated Press reports:

Wang, chairman of Yingkou Donghua Trading Group Co., had promised returns of up to 60 percent for investors who purchased ant-breeding kits from two companies he ran. Ants are used in some traditional Chinese medicinal remedies, which can fetch a high price. Wang sold the kits, which cost $25, for $1,300, local media reported earlier.

Wang attracted more than 10,000 investors between 2002 and June 2005, when investigators shut down his companies. The closure of his business set off a panic among small-time players who saw their life savings disappear overnight.

November 29, 2008 9:31 PM
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Categories: Law, Society