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Suspended death term for insurer
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THE former head of a Shanghai insurance agency was yesterday sentenced to death with a two-year reprieve for an insurance commission fraud that caused 800 million yuan (US$128 million) in losses for more than 3,000 victims.
Chen Yi, 36, former managing director of Shanghai Fanxin Insurance Agency, and her boyfriend and accomplice, Jiang Jie, 50, were accused of illegally raising funds involving more than 1.3 billion yuan worth of wealth-management contracts.
Jiang was given life imprisonment. The Shanghai No. 1 Intermediate People’s Court announced the verdicts yesterday after a trial in July.
The court said faking wealth-management contracts was the only business Fanxin conducted for three years, and all earnings were taken by the accused.
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.
The court did not address the discrepancy in the number of clients.
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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