CrimProf Blog

Editor: Kevin Cole
Univ. of San Diego School of Law

Tuesday, September 12, 2017

"Beijing court sentences Ponzi scheme operators to life in prison"

From Jurist:

A Beijing intermediate court [backgrounder] sentenced two brothers to life in prison on Tuesday after ruling that the brothers' peer-to-peer lending company, Ezubao, was a Ponzi scheme. One of the brothers, Ding Ning, was founder [Reuters report] of the company and chairman of the Anhui Yucheng Holdings Group. His crimes included illegal fundraising and "smuggling precious metals." The Ponzi scheme collected the equivalent of over USD $9 billion from nearly one million investors, making it "close to one of the biggest Ponzi schemes in modern Chinese history." Twenty-five others involved in scheme were also arrested for up to 15 years.

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