authorizing (0) (0)    Advanced Search

Follow us @  | 

weather icon

Shanghai

Mostly Cloudy/Haze

°C  | °F 23°C 31°C

Shanghai Daily,上海日报
Latest news:

Home » Metro » Society

Ex-investment manager jailed for US$15m fraud

A former general manager of a local investment company who cheated investors out of nearly 100 million yuan (US$15 million) has been sentenced to three years behind bars for illegal public savings pooling.

Jing’an District People’s Court, said the defendant, surnamed Li, and sales agents at his firm Yuetong, promised clients high yields on their investments, with annualized returns hitting 15 percent.

From January 2015 to July 2016, Li and his sales team collected more than 97 million yuan of public deposits, investigation showed.

However, last summer it emerged that investors had lost all their money.

As Li had admitted guilt and returned ill-gotten gains, he was granted a lighter sentence, the court said. He was also fined 100,000 yuan.


 

Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.

沪公网安备 31010602000204号

Email this to your friend