US Jails China Bankers for Fraud

Two former managers, and their wives, have been sentenced to up to 25 years in prison in the U.S. for stealing $485 million. BBC reports:

Xu Choafan, Xu Guojun, Kuang Wan Fang and Yu Ying Yi had also been convicted of passport fraud and of laundering the money through banks and casinos.

The Las Vegas court also ordered to four to pay back $482m.

Prosecutors said the convictions showed foreign nationals could not “live off their ill-gotten gains in the US”.

Xu Chaofan and Xu Guojun were sentenced to 25 and 22 years respectively while their wives Kuang Wan Fang and Yu Ying Yi to eight years each.

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