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August 17, 2013

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Husband and wife jailed over investment scam

A COUPLE have been jailed for swindling 1.9 million yuan (US$310,650) out of mainly elderly investors lured by promises of high monthly returns.

Fei Jin was jailed for 14 years and four months, while his wife Xu Chun received an eight year and four month sentence, Jinshan District People’s Court said yesterday.

Prosecutors said the couple claimed to have bought land in Jinshan and planned to open a copper plant.

They persuaded 10 people, most of whom were seniors, to lend them money by promising a monthly investment return of between 6 and 15 percent.

Fei said he and Xu began the scheme after their clothing store went bankrupt in 2010.

At first, they would pay victims interest on time to attract more investments.

They then used the money to pay interest to other investors up until the point when they were unable to fill the gap anymore.

Fei and Xu were caught last September after victims reported them to police.



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