Related News
Stealing Chinese bankers get long jail terms in US
May 7, 2009, Thursday
|
Online Edition
Online Edition
Two former managers of the Bank of China and their wives were sentenced yesterday in a scheme that used US banks and casinos to launder more than US$485 million stolen from the bank, federal officials said.
They were convicted on Aug. 29 by a federal jury in Las Vegas on charges of racketeering, money laundering, international transportation of stolen property and passport and visa fraud.
The former bankers laundered the stolen money through Hong Kong, Canada and the United States. They emigrated to the United States with their wives by obtaining false identities, and entered into "sham marriages" with US citizens, federal officials said in a statement.
They conducted "a significant number of transactions" with the stolen money through Las Vegas casinos, including bets that ranged from US$20,000 to US$80,000.
The two men, Xu Chaofan and Xu Guojun, were sentenced to 25 and 22 years in prison respectively. Their wives, Kuang Wan Fang and Yu Ying Yi, were each sentenced to eight years in prison. All four were sentenced to three years of supervised release and ordered to pay US$482 million in restitution.
"We will hold fully accountable those foreign nationals who abuse the financial systems of their home countries and who then, by fraudulent means, seek to live richly off their ill-gotten gains in the United States," said Assistant Attorney General Lanny Breuer.
They were convicted on Aug. 29 by a federal jury in Las Vegas on charges of racketeering, money laundering, international transportation of stolen property and passport and visa fraud.
The former bankers laundered the stolen money through Hong Kong, Canada and the United States. They emigrated to the United States with their wives by obtaining false identities, and entered into "sham marriages" with US citizens, federal officials said in a statement.
They conducted "a significant number of transactions" with the stolen money through Las Vegas casinos, including bets that ranged from US$20,000 to US$80,000.
The two men, Xu Chaofan and Xu Guojun, were sentenced to 25 and 22 years in prison respectively. Their wives, Kuang Wan Fang and Yu Ying Yi, were each sentenced to eight years in prison. All four were sentenced to three years of supervised release and ordered to pay US$482 million in restitution.
"We will hold fully accountable those foreign nationals who abuse the financial systems of their home countries and who then, by fraudulent means, seek to live richly off their ill-gotten gains in the United States," said Assistant Attorney General Lanny Breuer.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
