3 jailed for investment swindle
Print Edition
THREE men who swindled more than 68 million yuan (US$11.1 million) from members of the public with the offer of high-interest financial products have been sent to prison, the Zhabei District People’s Court said yesterday.
According to prosecutors, the leader of the group, surnamed Liu, set up a fund management firm in 2012. He then appointed the two others, surnamed Lu and Zheng, to the posts of legal representative and general manager.
The company also employed a sales team to raise funds by telemarketing, but the court did not say if these people were complicit in the scam.
Clients were told they could earn up to 14 percent a year interest.
By the time the company’s illicit activities had been discovered, the three men had raised 68.3 million yuan, of which less than 10 million yuan has been recovered.
The three were each sentenced to prison terms of up to five years.
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