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Fri Apr 6, 2012, 09:04 AM

China sentences woman to death for $16 million fund scam

A 30-year-old Chinese woman was sentenced to death by a court in Wenzhou for "cheating" investors of 100.11 million yuan ($16 million) losing 94 million yuan in futures and gold trading, the official Xinhua news agency reported on Friday.

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Xinhua said Wang borrowed the money between January and October 2010 promising to buy equipment, invest in property and open credit guarantee firms, but instead used the cash to speculate in futures and gold trading along with her elder brother, Wang Guanglin, who is still at large.
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The intermediary court of Wenzhou, in China's eastern Zhejiang province, ruled that Wang had committed the "crime of fraud of financing" and sentenced to death for the huge sum of money involved, Xinhua added.

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In China, a sentence of jail time and death usually means the punishment will be reduced to life in prison. ($1 = 6.3153 Chinese yuan)


http://af.reuters.com/article/commoditiesNews/idAFL3E8F610X20120406

The death penalty is a bit extreme. But at least in China they prosecute financing fraud. Here, we just reward it.

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