China Executes 2 for Defrauding Investors
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BEIJING (AP) — China executed two businessmen for defrauding hundreds of investors out of more than $127 million, calling the scam a serious blow to social stability, state media said Thursday.
China puts to death more people than any other country, although last month a high official for the Supreme People’s Court, which reviews every death sentence, said the punishment should be used more sparingly.
Though usually reserved for violent crimes, death sentences are also applied for nonviolent offenses that involve large sums of money or are seen to threaten social order.
The men were executed Wednesday.
China’s highest court said the fraud had ”seriously damaged the country’s financial regulatory order and social stability,” the official Xinhua News Agency said.
The report said Du Yimin, a businessman from eastern Zhejiang province, collected more than 700 million yuan ($102.5 million) from investors by promising them monthly returns of up to 10 percent. He spent most of the money on houses, cars and luxury items, Xinhua said.
The second businessman, Si Chaxian, collected 167 million yuan ($24 million) from 300 people by saying they could receive interest of up to 108 percent.
Xinhua said 270 million yuan ($39.5 million) was still missing.
The two were sentenced by the Intermediate People’s Court in the eastern city of Hangzhou.
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