BretLudwig
December 14th 08, 10:52 PM
Con man executed for $416 million ant-breeding scam
>>"From the International Herald-Tribune:
China has executed a businessman convicted of bilking thousands of
investors out of $416 million in a bogus ant-breeding scheme, state media
reported Thursday. The official Xinhua news agency said Wang Zhendong, who
had been found guilty of fraud and sentenced to death in February 2007, was
executed in Liaoning Province on Wednesday.
Wang, chairman of Yingkou Donghua Trading Group, had promised returns
of up to 60 percent for investors who purchased ant-breeding kits from two
companies he ran.
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 local news media reported earlier.
Wang attracted more than 10,000 investors from 2002 to June 2005, when
investigators shut down his companies. The closure of his business set off
a panic among small-time players who saw their life's savings disappear
overnight.
Xinhua had reported that one investor committed suicide after
realizing he had been duped. Investigators put the size of the fraud at
$416 million. Only $1.28 million was recovered."<<
http://isteve.blogspot.com/2008/12/con-man-executed-for-416-million-ant.html
--
Message posted using http://www.talkaboutaudio.com/group/rec.audio.opinion/
More information at http://www.talkaboutaudio.com/faq.html
>>"From the International Herald-Tribune:
China has executed a businessman convicted of bilking thousands of
investors out of $416 million in a bogus ant-breeding scheme, state media
reported Thursday. The official Xinhua news agency said Wang Zhendong, who
had been found guilty of fraud and sentenced to death in February 2007, was
executed in Liaoning Province on Wednesday.
Wang, chairman of Yingkou Donghua Trading Group, had promised returns
of up to 60 percent for investors who purchased ant-breeding kits from two
companies he ran.
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 local news media reported earlier.
Wang attracted more than 10,000 investors from 2002 to June 2005, when
investigators shut down his companies. The closure of his business set off
a panic among small-time players who saw their life's savings disappear
overnight.
Xinhua had reported that one investor committed suicide after
realizing he had been duped. Investigators put the size of the fraud at
$416 million. Only $1.28 million was recovered."<<
http://isteve.blogspot.com/2008/12/con-man-executed-for-416-million-ant.html
--
Message posted using http://www.talkaboutaudio.com/group/rec.audio.opinion/
More information at http://www.talkaboutaudio.com/faq.html