Founder of online Chinese lender sentenced to life for fraud

2017-09-13 06:40:30 GMT2017-09-13 14:40:30(Beijing Time) Agencies

The founder of a Chinese online peer-to-peer lender has been sentenced to life in prison after his company defrauded depositors of $7.7 billion.

The state Xinhua News Agency reported the Beijing No. 1 Intermediate People's Court also sentenced the founder's brother and 24 other executives of Ezubo to prison terms ranging from three years to life.

Regulators seized Ezubo in 2015 and i

The state Xinhua News Agency reported the Beijing No. 1 Intermediate People's Court also sentenced the founder's brother and 24 other executives of Ezubo to prison terms ranging from three years to life.  The state Xinhua News Agency reported the Beijing No. 1 Intermediate People's Court also sentenced the founder's brother and 24 other executives of Ezubo to prison terms ranging from three years to life.

nvestigators said later the company defrauded 900,000 investors of 50 billion yuan ($7.7 billion).

The court concluded the company raised money by promising high returns and used revenues to pay some investors.

Some defendants also were convicted of offenses including smuggling precious metals and illegal gun possession.

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