Ex-Chinese Bankers Are Sentenced To Prison in $482 Million Scam

The Washington Post has more details on the Bank of China managers sentenced to prison in the U.S. for embezzling $482 million:

For more than a decade, the bank managers lived in high style, jetting to Las Vegas and to bet millions at the baccarat tables, staying for free in casino and lavishing gem-studded on their wives.

But then accountants for the Bank of China noticed missing funds — which eventually totaled $482 million — and the men were soon fleeing across the globe, doctoring immigration papers and entering into phony marriages, prosecutors say.

The former bankers’ gamble ended last week, when a federal judge in Nevada sentenced Xu Chaofan to 25 years and Xu Guojun to 22 years on charges of racketeering, and visa . Their wives, who were charged with passport fraud and with helping their husbands launder money, received eight-year prison terms.

For now, the men will remain in the North Las Vegas detention facility, where they have spent nearly five years since their capture, while their wives face proceedings.

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