China Executes 2 for Defrauding Investors
AP reports on the execution of two business people who defrauded investors out of more than $127 million:
China’s highest court said the fraud had “seriously damaged the country’s financial regulatory order and social stability,” the official Xinhua News Agency said.
The report said Du Yimin, a beauty parlor owner from eastern Zhejiang province, collected more than 700 million yuan ($102.5 million) from hundreds of investors by promising them monthly returns of up to 10 percent from investments in beauty parlors, real estate and mining businesses owned by her company. She spent most of the money on houses, cars and luxury items, Xinhua said.
The second defendant, Si Chaxian, collected 167 million yuan ($24 million) from 300 people by saying they could receive interest of up to 108 percent.
Xinhua said 270 million yuan ($39.5 million) was still missing.
POSTED COMMENTS: One Response
So what? If Bernie Madoff got ran over by a bus tomorrow, there won’t be alot of people who will miss him.