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Manager gets 10 years for fraud
March 14, 2009, Saturday
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Print Edition
Print Edition
XU Yong, a former general manager of a sales department of Zheshang Securities Co Ltd, was jailed for 10 years for embezzlement by the Shanghai No. 2 Intermediate People's Court yesterday. From 1997 to 2005 Xu used clients' money to make private investments in two projects that both failed. To cover the deficit he collected 237 million yuan (US$34.7 million) from investors with promises of high interest.
Xu also used 3.43 million yuan of clients' money to pay out a lawsuit the company lost to a client in 2001. The court also believed Xu embezzled 13 million yuan for his investments and to pay debts.
Xu also used 3.43 million yuan of clients' money to pay out a lawsuit the company lost to a client in 2001. The court also believed Xu embezzled 13 million yuan for his investments and to pay debts.
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