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| China-Japan-Koreas |
| China sentences woman to death for $16 million fund scam |
| 2012-04-06 |
| With her financial ability to extract money from people, she would have been appointed as a "bundler" for the Dems if she had been in the US Good point. She might have been seated next to Moo-chelle at the SOTU... 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 program 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. |
| Posted by:tipper |
| #8 No way, no sir. They only lend to Isn't that more accurate? |
| Posted by: Anguper Hupomosing9418 2012-04-06 18:30 |
| #7 The entire reason China, especially Wenzhou, has a private lending market is that THE BANKS WON'T LEND MONEY. No way, no sir. They only lend to giant companies, at sweetheart rates. Wenzhou is much, much more entrepreneurial than the rest of China, no surprise the lending markets appeared here. Interesting. |
| Posted by: Thing From Snowy Mountain 2012-04-06 18:18 |
| #6 Good point. She might have been seated next to Moo-chelle at the SOTU... Nah - only Billion-dollar-Plus scam artists get that honor. |
| Posted by: CrazyFool 2012-04-06 17:56 |
| #5 The entire reason China, especially Wenzhou, has a private lending market is that THE BANKS WON'T LEND MONEY. No way, no sir. They only lend to giant companies, at sweetheart rates. Wenzhou is much, much more entrepreneurial than the rest of China, no surprise the lending markets appeared here. |
| Posted by: gromky 2012-04-06 17:40 |
| #4 Maybe that was her problem...she just didn't steal enough. |
| Posted by: Ebbang Uluque6305 2012-04-06 12:14 |
| #3 Geez guys, maybe we should send all of our Wall Street types to China. Crazy. $16 million is chump change in our financial industry. If we shot everyone that embezzled over $16 million, there would be no one left to answer the phones. Corzine is a lightweight in this kind of fraud. The clowns that pulled off the mortgage backed security scam took TRILLIONS out of our economy and from the Fed. Who says crime doesn't pay. |
| Posted by: Bill Clinton 2012-04-06 10:34 |
| #2 Can Jon Corzine be extradited to China? Just asking... |
| Posted by: Bright Pebbles 2012-04-06 09:54 |
| #1 Spare her life and deport her to the US. She has a bright future as a senior GSA employee. |
| Posted by: Besoeker 2012-04-06 09:19 |