China woman sentenced to death for investment scam

ALL content used in this not-for-profit blog remain the property of their respective owners.
http://news.insing.com/tabloid/china-woman-sentenced-to-death-investment-scam/id-f6743f00

A businesswoman in China has been sentenced to death for defrauding her clients of around US$70 million (S$87 million) in an investment scam, state media reported Friday as authorities crack down on illegal banking.

Lin Haiyan, 39, from the eastern city of Wenzhou, a free-wheeling business hub, was condemned after illegally raising 640 million yuan (about S$130 million) from relatives, friends and other investors, the National Business Daily reported.

She put the money into securities and futures, racking up huge losses, the report said, citing a court in Wenzhou, but claimed she was making profits in order to swindle more money in an attempt to pay back investors and speculate further.

The scheme began in 2007. When it collapsed in October 2011, her investors were left with losses of 428 million yuan, the newspaper said.