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Thread: Sentenced To Death In China For $16 Million Investor Scam

  1. #1
    Join Date
    Oct 2009
    Here, there and everywhere.

    Sentenced To Death In China For $16 Million Investor Scam

    Wang Caiping Sentenced To Death In China For $16 Million Investor Scam

    BEIJING, April 6 (Reuters) - A 30-year-old Chinese woman was sentenced to death by a court in Wenzhou for "cheating" investors of 100.11 million yuan ($16 million) losing 94 million yuan in futures and gold trading, the official Xinhua news agency reported on Friday.

    The death sentence for Wang Caiping - who must first serve two years in prison - came days after Beijing launched a pilot programme in Wenzhou to tame the informal private lending market to which the city's renowned entrepreneurs often turn.

    Xinhua said Wang borrowed the money between January and October 2010 promising to buy equipment, invest in property and open credit guarantee firms, but instead used the cash to speculate in futures and gold trading along with her elder brother, Wang Guanglin, who is still at large.

    After heavy losses, including 30 million yuan in September 2010 alone, Wang tried to negotiate with some of her creditors in November 2010, but they turned her over to police after the meeting broke up, Xinhua reported.

    According to Xinhua, Wang said the 15 people had voluntarily given her money in return for handsome interest payments.

    One of Wang's defense lawyers said the futures investment activities were legal and criminal charges against her were unfounded, Xinhua said.

    But the intermediary court of Wenzhou, in China's eastern Zhejiang province, ruled that Wang had committed the "crime of fraud of financing" and sentenced to death for the huge sum of money involved, Xinhua added.

    The Xinhua report did not say whether an appeal would be heard.

    China's supreme court is reviewing another fund-raising case by a woman named Wu Ying, who was sentenced to death by a local court for "illegally raising" 770 million yuan in funds. .

    In China, a sentence of jail time and death usually means the punishment will be reduced to life in prison. ($1 = 6.3153 Chinese yuan) (Reporting by Zhou Xin and Nick Edwards; Editing by Daniel Magnowski)

    Posted: 04/06/2012
    No trees were killed in the creation of this message. However, many scammers may be terribly inconvenienced.
    Those who play games do not see as clearly as those who watch. - Old Chinese Proverb

  2. #2
    Join Date
    Jul 2007
    Here and there
    It might make people think twice about committing crime.

  3. #3
    Join Date
    Apr 2011
    North Earth
    Quote Originally Posted by Hua Mulan View Post
    It might make people think twice about committing crime.
    No, because the death penalty does not deter criminals.

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