China sentences man to death in ant breeding fraud case
 

China sentences man to death in ant case

BEIJING - A Chinese business executive was sentenced to death for swindling $385 million from investors in a bogus ant-breeding scheme, a court official said Thursday.

Wang Zhendong, chairman of Yingkou Donghua Trading Group Co., had promised returns of up to 60 percent for buying kits of ants and breeding equipment from two companies he set up, the reports said.

Ants are used in some traditional Chinese medicinal remedies, which can fetch a high price. Wang sold the kits, which cost $25, for $1,300, the Xinmin Evening News and other newspapers reported.

Wang promoted his products through advertising and drew in more than 10,000 investors between 2002 and June 2005 when investigators shut down his companies, the Web site of People's Daily reported.

Prosecutors told the court in northeast China that one investor committed suicide after realizing he had been duped, and only $1.28 million of the swindled money had been recovered by the time the case was filed with the court last June, Xinhua News Agency said.

The Intermediate People's Court in Yingkou on Tuesday sentenced Wang to death, said an official in the court's case office who gave only his surname, Yin.

Fifteen managers of the company were given prison terms ranging from five to 10 years and fined from $12,800 to $64,000, Xinhua said.

Fake investments and pyramid investment schemes have become common during China's transition from a planned economy to a free market. Chinese leaders have tried to eradicate the scams, fearing widespread losses could add to already percolating social unrest.

The death penalty is used broadly in China. Though usually reserved for violent crimes, it is also applied for nonviolent offenses that involve large sums of money or are deemed to have a pernicious social impact.

http://news.yahoo.com/s/ap/20070215/...hina_ant_fraud

385 mill is no joke

but worth death?

Yeah.

Stealing someone's money can be just as devastating than some 'violent crime', someone even killed himself over being fucked over. I wish deathpenalty was used in online adult industry on people who steal too.

probably a bit harsh I don't agree with the death penalty but that is their culture and an investor killed himself because of it

People are senteced there for stealing 5$,so this doesnt suprise me at all.

Just think if a few key US Government people were put under laws like that. They would have to knock off like have the government! Vice President is the first that comes to mind.

Would result in some impressive body count :Oh crap

Maybe he'll be killed in one of these.

http://www.dvorak.org/blog/?p=5754

therefore you never know what you'r really eating in an a chinish restaurant

Come on,the death penalty?I think they`re exaggerating. I`m against the death penalty although some people deserve it :)

damn that is insane

I wonder if those severe punishments for stealing give the result in this country? Do they steal less that people in other countries?

Holy shit that's fucked up.

thats just wrong..

Only in America.......

They have no fear of the death penalty, they know they are always making more people.

damn pretty harsh sentence just for that.

I am assuming you do not mean that statement. Remember you are being watched. :upsidedow

Death penalty is a little harsh.

The history of corruption in china is clear! The fall out from past fraud cost many lives from starvation, poverty etc... They started executing scammers a long time ago so everyone knows the rules.

The death penalty is harsh but the fall out from fraud in a country with a billion people is harsh enough to justify it.

People who criticise china should consider that laws and government that works great for 250 million people might not work at all to control more than a billion people and some drastic shit might need to happen to maintain control.

Ants??!!!

@)}---'------
Fizzgig