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Man Sentenced to Death for Financial Fraud
The culprit involved in a 336. 08 million yuan financial fraud case has been sentenced to death by the Intermediate People's Court of Zhengzhou, capital of central China's Henan Province.
Li Jian, former general manager of the Baihua Industrial (group) Co., also has had all his personal property confiscated by the court, according to a verdict delivered Thursday.
Ma Xiaohong, the deputy general manager, and Li Yan, head of the settlement department, were sentenced to 15 and 13 years in jail, respectively. Both had their personal property partly confiscated.
The court found that the defendants illegally collected 336.08 million yuan and 120,000 U.S. dollars in bank deposits from the public between May 1996 and May 1998.
Upon the case being exposed, the defendants ran away with 15 million yuan and 948,000 U.S. dollars.
They also destroyed all their account books, making it impossible to repay on time and in full amount the 232 million yuan swindled from 12,295 persons, and causing a loss of another 130 million yuan.
Li Guifu, Guo Fangcheng and four others were sentenced to imprisonment ranging from four years to one year and six months for helping Li Jian and his accomplices to escape and hide the money.
Another defendant, Yang Junwei, was sentenced to two years in jail and fined 10,000 yuan for false advertising.
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