Wednesday, November 23, 2011

Chinese tycoon sentenced to death in $800 million real estate funding scam...

A real estate tycoon in Lishui, Zhejiang Province, has received a death sentence for illegally raising 5.5 billion yuan ($800 million) from the public, reported the Procuratorial Daily on Monday.

Ji Wenhua, the president and legal representative of Lishui Yintai Real Estate Investment Company, was found guilty of fraudulent fund raising and embezzlement.

Five other shareholders and senior managers from the Lishui Yintai group received death sentences with reprieves and imprisonment.

Lishui Yintai Real Estate Investment Company Group was founded in 2002. It has several subsidiaries and branches in Zhejiang, Jiangxi and Hunan provinces. Full story...

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