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August 28, 2013

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9 brought to trial for financial scam

Nine people appeared in court yesterday for allegedly swindling 1,000 people  of 530 million yuan (US$86 million) with promises of high profits, the Shanghai No.1 Intermediate People’s Court said.

Prosecutors said the chief culprit, Lu Lixin, 47, chairman of an equity investment and management company, lured investors to invest in his three financial projects and promised them monthly interests between  3 to 6 percent. Although the victims got part of their investments back as returns, their total loss amounted to 300 million yuan. Lu used more than 30 million yuan he raised in his personal futures exchange, and spent another 10 million  yuan in shopping. Lu admitted his illegal dealings during the the trial. He said he set up three platforms in Shanghai to raise money. The court has yet to reach a verdict.



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