Re: Chinese man sentenced to death over fake ant farm. Bizarre!
Originally Posted by
bilbo
http://news.bbc.co.uk/1/hi/world/asi...ic/6365123.stm
Chinese man to hang for ant scam
Map of China showing Liaoning province
A Chinese company chairman has been sentenced to death for running a scam involving giant ants.
Wang Zhendong promised investors returns of up to 60% if they put money into the fictitious ant-breeding project, the court heard.
Wang, from Liaoning province, raised 3bn yuan ($390m; £200m) in three years, prosecutors said.
The ants are used in traditional medicines and remedies in parts of China.
Fifteen other staff members were fined and given jail terms of between five and 10 years.
More than 10,000 investors signed 100,000 contracts with the company before the case was investigated in June 2005, Xinhua news agency reported.
Only 10m yuan was recovered before the case was brought to court, it said.
One investor committed suicide after realising he had been duped, according to the court.
Wang's actions also caused huge economic losses for investors and many subsequently suffered from depression, it added.
Can't believe they sentenced him to death for this though, if it had been in the UK the worst he would have got is a public shaming on watchdog and maybe a fine
no...I think white collar crime needs to be treated the same as any other crimes......Personally If it was for more than 1 million dollars it should be the same penalty as murder.....you are ruining someone's life when you take that much money.....
It feels good to be back home.
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