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Pyramid-scheme fraudsters jailed
Source: Xinhua |
January 1, 2009, Thursday
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Print Edition
Print Edition
A COURT in north China's Inner Mongolia Autonous Region yesterday sentenced two executives of a forestry company for defrauding investors of 1.28 billion yuan (US$188 million) through a type of pyramid scheme.
Chen Xianggui, 44, board chairman of Inner Mongolia Wanli Afforestation Co, was sentenced to 11 years in prison and had to hand back 200 million yuan. Liu Yanying, 38, general manager of the company, was sentenced to nine years and had to give back 150 million yuan, according to the Intermediate People's Court in Baotou City.
The scheme involved more than 30,000 people from 12 provinces and municipalities. Chen and Liu charged investors 1,660 yuan for a 0.067-hectare piece of land.
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