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Ex-head of insurer gets life sentence
Print Edition
A former head of a Shanghai insurance agency involved in an 800 million yuan (US$124 million) insurance commission fraud has his suspended death sentence overturned, a statement said yesterday.
The Shanghai Higher People’s Court imposed a life sentence instead on Chen Yi, former managing director of Shanghai Fanxin Insurance Agency, as an August amendment to the criminal law abolished the death penalty for financial fraud related to illegal fund raising.
The amendment took effect after Chen was sentenced to death with a two-year reprieve by the Shanghai No.1 Intermediate People’s Court in February.
Chen, 36, and her boyfriend and accomplice, Jiang Jie, 50, were found guilty of illegally raising 1.3 billion yuan from the public and causing a combined 800 million yuan loss for more than 3,000 victims.
The higher court on Tuesday also revised Jiang’s original life sentence to a 15-year jail term under the 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 the 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 insurers.
Chen was found guilty of embezzling the funds on luxury cars and products, and overseas travel.
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