Chinese fund managers sentenced to DEATH for cheating investors out of $1 billion.

Tycoon sentenced to death in 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.

From 2003 to 2008, Lishui Yintai real estate group concealed its continual losses while using advertising to convince the public it was profiting.

In order to continue operating, Ji and his accomplices raised funds from investors in Zhejiang and Hunan, knowing the company was unable to fulfill the contract.

As of 2008, when Ji and his accomplices were arrested, Lishui Yintai had raised 5.5 billion yuan from the public through fraudulent methods, the court said.

During the depression of the real estate industry in 2008, moneylenders began calling their loans from the real estate industry.

Lishui Yintai group faced the same difficulty.

In addition, the procuratorate found Ji and the senior managers accused led a lavish life relying on the money they raised from stockholders. It was submitted as evidence of illegal fundraising with purpose, said Zheshang magazine.

Thats some deterrent. Imagine if the US was serious about prosecuting our financial criminals, the state of our economy would probably improve over night.

Alas, its a bit difficult to enact justice when the politicians answer to the banksters...

This is how they roll in china, heard of this before. They don't fkn play around, they just get stuff done.

reply to post by gladtobehere


Agreed.

No point being the richest corpse in the gas chamber is there!

the USA copies other public policies of China


the severe prosecution of the elitist 'financial terrorists' would be a policy platform if i were to run for Office...
China is on the proper path, America should follow their lead...
(since the ruling Federal Govt of the USA is too corrupted to enact the drastic remedy)
The 'America' of the People needs to be resurrected, perhaps 2012 is the new revolution

reply to post by gladtobehere


On one hand we can complain about human rights abuses in China and on the other hand we are pleased when this type of thing occurs. When lead was found in baby products imported from China there were quick and severe repercussions - someone paid with their life for that mistake as well.

I think it is great. But we cannot have it both ways as much as we would like it.
Here in the US we walk a fine line down the middle of protecting and defending individual freedoms and punishing the guilty. Typically you only die if you kill a cop, the crime is especially heinous, or you live in Texas.
We give a slap on the hands for things like attempted murder, child rape and massive corporate theft defrauding retirees of their life savings - but for more severe criminal infractions say, distributing marijuana - we might lock them up and throw away the key.

Is it right?
We certainly hope so.

Is it working?
Not hardly.

China...CHINA...is being more serious about prosecuting these thieving rapscallions than the U.S. is.

It just really doesn't get much more "what is wrong with my country?" than that.

If the United States is going to continue to apply capital punishment, it seems perfectly reasonable to follow China's example and serve corporate criminals with capital punishment.

But, but... that is Goldman Sachs' and J.P. Morgan's business model... well I guess that is what the Chinese do best... they copy!

They obviously forgot the part of giving kickbacks to the politicians, or better yet, creating a revolving door system where your guys are on the inside making the calls!

The death penalty may be a tad extreme, but as others have pointed out, such a deterrent is exactly what has been absent in the unregulated wild west of the western banking system.

the Billmeister

Originally posted by DJW001
If the United States is going to continue to apply capital punishment, it seems perfectly reasonable to follow China's example and serve corporate criminals with capital punishment.

Agreed. When the effects are national and even international, and so many people are affected- then yeah. For once a punishment that fits the crime. You gonna ruin a million lives, then die. For REAL.

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

Scapegoating is the practice of singling out any party for unmerited negative treatment or blame.

Also see pup·pet



Although it seems like a lot more action than the West has done with financial fraud, this prosecution is still political and symbolic more than anything.

You would think that after thousands of years of trying to evolve past the barbaric nature of our ancestors we could come up with a better way to punish people. State sanctioned murder is unjust (especially in the states where the courts are ruled by the dollar).

Instead of killing them, why not just seize all of their assets and sell them to repay those affected by their actions and make them do something useful. Provide their basic needs and make them work with the poor for the rest of their lives.

reply to post by the owlbear

I actually tend to agree, I also dont believe in capital punishment. The main point being that financial/corporate criminals are actually prosecuted and that there is some justice. Recently, we've seen the prosecution of Bernie Madoff and a handful of others but the very wealthy rarely face justice, if ever.

GUYS!

We're doing it wrong in the US.

reply to post by gladtobehere


Death by flogging? That would be nice. -------------------

reply to post by gladtobehere

Thats some deterrent. Imagine if the US was serious about prosecuting our financial criminals, the state of our economy would probably improve over night. Alas, its a bit difficult to enact justice when the politicians answer to the banksters...

Well that and this particular sentence would violate the 4th and 8th Amendment.

But who cares right?

Let the blood flow.

reply to post by DJW001

If the United States is going to continue to apply capital punishment, it seems perfectly reasonable to follow China's example and serve corporate criminals with capital punishment.

No it doesn't.

American jurisprudence dictates that the punishment must fit the crime.

The 4th and 8th amendment protect against this kind of punishment for these types of crimes. Should they be jailed? Yes. Should they be killed? No.

reply to post by TrueAmerican


For a Ron Paul 2012 supporter you sure don't seem to share the regard for the Constitution that Paul does.

reply to post by projectvxn

No it doesn't.

American jurisprudence dictates that the punishment must fit the crime.

The 4th and 8th amendment protect against this kind of punishment for these types of crimes. Should they be jailed? Yes. Should they be killed? No.

And their actions in stealing a $billion could surely have led to many suicides..
So what's the punishment for that??

reply to post by ipleadthe5th


Oh you're right...What was I thinking, let's just toss the whole "Constitution" thing out because people commit suicide when faced with financial hardship.



It's called restitution. Surrendering all assets and cash to pay back the victims as much as possible. That's how you handle it.

If the victim decides to off him/herself then there's not much to be done.