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More mercy from law
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SHANGHAI Higher People’s Court has overturned the suspended death sentence for a former head of a Shanghai insurance agency involved in 800 million yuan insurance commission fraud, a statement said today.
The convicted, Chen Yi, 36, was instead given a life sentence as an August amendment to the criminal law abolished death penalty for financial frauds.
The amendment took effect after Chen was sentenced to death with a two-year reprieve by Shanghai No.1 Intermediate People’s Court in February.
Chen, former managing director of Shanghai Fanxin Insurance Agency, and her boyfriend and accomplice, Jiang Jie, 50, were accused of illegally raising 1.3 billion yuan funds from the public and causing combined 800 million yuan losses for more than 3,000 victims.
The Higher Court on Tuesday also revised Jiang’s original life sentence to a 15-year imprisonment according to the new amendment.
The pair were accused of disguising 20-year term life insurance policies as short-term investment plans with annual returns above 10 percent, and profiteering from hefty first-year insurance commissions paid by insurance companies.
More than 400 agents of Fanxin sold the fake wealth-management contracts to over 4,400 clients between 2010 and 2013 and claimed 1 billion yuan in commissions from insurance companies.
Chen was found embezzling company’s money on luxury cars, overseas travel, and luxury products.
It was in mid-2013 when Fanxin’s finances began to show disparity in tens of millions of yuan that Chen decided to escape and asked Jiang along.
After transferring nearly HK$50 million (US$6.4 million) to Hong Kong, they fled to Fiji in July 2013, with 830,000 euros (US$938,700) in cash besides jewelry. They were arrested less than a month later and extradited to China.
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