Chinese Fund Managers Sentenced to Death after Cheating Investors out of 1 Billion USD

HANGZHOU – Two brothers and their father were sentenced to death on Monday for cheating 15,000 investors out of over $1.1 billion in east China’s Zhejiang province.

Ji Wenhua, president of the Yintai Real Estate and Investment Group, was sentenced to death for the crime of fund-raising fraud, said the Intermediate People’s Court in the city of Lishui, where the company was based.

However, his brother, Ji Shengjun, and father, Ji Linqing, could be spared execution as their death penalties have a two-year reprieve.

The family, along with others, had illegally raised over 7.04 billion yuan ($1.12 billion) between 2003 and 2008 before they were taken into police custody in 2008, holding the truth from investors that their company had been losing money for years, according to the court.

A third brother, Ji Yongjun, was sentenced to life imprisonment.

The four men also had their political rights deprived for life and personal property confiscated.

The court also sentenced two other people involved in the case to three years in prison each.

68 comments

  1. We need more of that judicial wisdom here in the United States!

    • Romero says:

      Yes, nothing said wisdom like murder. Oh, what’s that, it’s not murder when the government does it? Oh, my mistake. If there’s one thing we DON’T need in the USA, it’s a Communist sympathizer.

      • matt says:

        Uh oh, time to don our red scare hats and start our “communist” internment camps! He’s a communist! And she’s a communist! They’re all communists! Next time, don’t extort billions of dollars from investors. Oh wait, there probably won’t be a next time, will there? Good.

        • Greg says:

          I agree, they aren’t really communist at all in China. It really a country run by murderous dictators who have the most arbitrary judicial system in the world. If you think it’s so fantastic then I suggest you go there and see how much you like it for a few years before you advocate for its wisdom here in the USA. Funny how people now equate any criticism of communism with the red scare times. I guess China is the new Israel, above any legitimate criticism at all.

          • Paul says:

            lived in China for 12 years. Loved it. China isn’t the new Isreal, it’s the US that could’ve been.

      • The phisherman says:

        Clearly you don’t realize that your own country still executes people but most of the time they are poor people trying to kill the bastards who robbed them of the money in the first place. In the USA if you have billions and stole it they might put you in jail but you could afford the bail. China is taking back that money and hopefully giving most back to the initial investors

        • JET says:

          WATCH COPS SOME TIME AND WAKE UP!
          Most of the time they are criminals trying to kill others so they can cheat, steal or murder.
          Give me a break.

      • Walt Weaver says:

        Do you work for BofA or Goldman-Nutsacks ?

      • killben says:

        @Romero,

        It is justice whether it is meted out by Communist or Capitalist.

        US can learn a lot from this. If US takes a leaf out of this then we would see many of the banksters sentenced to death and as many getting life imprisonment. I would be happier if regulators also get the same treatment for abetting the criminal bankers.

      • Art0 says:

        Jesus subscribed to a socialist agenda. Communism but from a spiritual perspective!

        Murder is murder, sanctiond or not! We are not to kill *full stop!*. Not a single organism that has the breath of life within, not a tree, shrub, tubor, plant, etc…!

    • RonJohn says:

      What? Killing a person over stolen items is not ” judicial wisdom”. it is insane

      • shekissesfrogs says:

        It’s other name is capitalism.

      • Hal Martin says:

        A population of rats is not controlled by rehabilitation or reform, nor by lofty sentence writing.

        Extreme force is sometimes required to create a peaceful order, if not by man, then by God.

        Perhaps first offenders should have their hands removed, second offenders their feet, and on the third offence their victims should just stop feeding them. This would be more humane than executing them, and it would be they themselves to blame for ceasing their own nurishment.

      • Pucca says:

        Yes, death penalty sound good for someone who stole Hundreds of thousands people’s hard earned money. Money they worked hard and saved over many, many years. It’s like stealing people’s dreams. Dream to retired, dream to buy a house, dream to have money for a nice wedding……. That person/family didn’t just stole one or 2 items. They stole people’s year’s of hard work and savings and dreams……

      • art0hur0moh says:

        It is called survival!

        Most every war started because of economics, near every war end because of it!

        Your water and food are the only meens of survival! Some one takes without consent they deserve nothing less than imediate exicution. Unlike emperial justice (ignorance not being an excuse) fool me once shame on you fool me twice shame on me! You bring shame on me by causing hardship for my children I would open your jugular without a moments hesitation!

        This is the reality of the world that has been designed! OUR LAND!!

    • Ron Bolon says:

      There is wisdom in prosecuting white-collar criminals. There is no wisdom in killing them.

      • Loaddown says:

        “There is no wisdom in killing them.”

        Our prisons are full and we continue to support the ‘justice’ of our limp-wristed judges and legislators. The lives that the fraudsters have devastated will never be restored and the example that they have set for other financial ‘wizards’ is “we can afford attorneys to free us.”

        What are the results you can show for leniency?

      • Art0 (art0hur0moh) says:

        They do deserve death! It is justice! Dosn’t meen to say it is right! It is the way of the world as it is, it will alway be the choice of people. Hopefully the correct choice!

    • Dexter says:

      I with you Rivero!!! Dust off the gillotine. Sharpen the blade. We’ve got work to do.

    • Art0 says:

      Thives are to repay ten times what they stole! How will we ever get a return exicuting or imprisoning them?
      They have lost all civil rights and are now subject to the will of the community. Essentialy they are now enslaved till the full sum is returned.

  2. [...] Fund Managers Sentenced to Death after Cheating Investors out of 1 Billion US Chinese Fund Managers Sentenced to Death after Cheating Investors out of 1 Billion USD Are you kidding, hell man here in New OrwellianVille we call this guy a hero, doing gods work and [...]

  3. frank freeman says:

    If we send some prosecutors and judges to China, do you think you could train them to do what they should be doing? Or do you think that Americans are too hopelessly corrupt and too irremediably stupid for this sort of education?

  4. shablon says:

    That is the only way to deal with the crooked scum. In US Mrs. Maddoff gets away with keeping 82 million bucks of the stolen loot and other ill gotten gains.

  5. carroll price says:

    This is a good example of the proper way for any country to deal with white-collar criminals who prey on the public trust. I recall China executing a few other high ranking executives who knowingly allowed milk products to be diluted and contaminated with melamine solution. My hat goes off to the Chinese and may they continue doing exactly what every other government should be doing in like circumstances. The fact that not one Wall Street criminal has faced prosecution for committing far greater crimes, goes a long way in pointing out the complete absence of justice and morals in the United States government today.

    • Ron Bolon says:

      Advocating that there is better carriage of justice in the US is not the same as advocating capital punishment. While this is a good example of rooting out white-collar criminals, this is not a good example of fair punishment. Would not throwing these people in jail for a few decades, confiscating all their property, and barring them from future financial work be just enough? Why do you have to kill them too?

      • Dexter says:

        Problem is then you would have to spend taxpayers money to keep them alive at Club Fed for the rest of their lives. That is one expense better utilized by spending it on more deserving people.
        let then hang.

      • DeeBee says:

        Keeps them from procreating more nefarious criminals.

      • Art0 says:

        Biblical law states. If you are caught stealing you are to repay 10 times what was stolen. They have been caught sticky handed. Accept the shame! Return what was stolen, we will get it back one way or another. To defeat the crown corporation all you need do is as ghandi did, PEACE activist!

  6. [...] Chinese Fund Managers Sentenced to Death after Cheating Investors out of 1 Billion USD Compare that to American pussies who keep bailing out those scumbag thieves who cheat you off your money. [...]

  7. jeff says:

    If only we could behead the heads of the snake , rothschilds, rockefellers, house of windsor, etc.
    But wait a minute let me wake up here, public execution
    bernie madoff, the presidents of goldman sachs, g.h.w.bush,
    g.w.bush, federal reserve board of governors, president of haliburton, now dick cheney no guilitone needed just remove
    the battery on national TV. Could probably throw some generals in there who profit from war. Congress, line them up on the mall area with a court bench, guillotime and evidence and bring along a few hundred of those FEMA coffins for the convicted, THEN the rest of the world would see that we are serious.

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  9. Richard says:

    It is long past time that we also develop a ZERO TOLERANCE, for large scale fraud in this country! But as our Congress, Executive and Judicial Branches are accomplices in this, it is not likely this will happen.

  10. Angry Voter says:

    This is the secret to China’s economic success.

    When a Chinese politician was caught accepting money from a US company he was executed in front of his family and neighbors.

    When US politicians were caught accepting money from Chinese companies they got reelected.

    That produces a big difference over time.

    There was a lost 14th Amendment passed by the north during the US civil war that stated that any US office holder convicted of accepting foreign gifts or renumeration forfeited his office and citizenship.

    It’s time to bring it back.

    • someguy33 says:

      Do you include Bill Clinton and those bags full of money that the Chinese sent him? I remember well that they caught him taking bribes from Chinese military, etc. and the Left never squeaked a peep because they are more means to and end oriented.

      Those were the days of Loral and Johnny Chung.

      Unfortunately, Americans are more interested in their political parties to unify on that issue of getting the cleanest politicians possible…don’t expect much from the political class.

  11. Joey Tomm says:

    Sounds like a plan to me dude. Seriously.

    http://www.anon-web-surf.tk

  12. cmndx says:

    This would be absolutely illegal and outrageous here. In America we only put poor people to death.

    • Seriously?!? says:

      Why is it any more outrageous than stealing trillions from taxpayers and savers via theft and inflation? At the moment, there is no incentive to stop the egregious behavior, so it will continue.

      Outrageous? I think not. Justified? Absolutely! Get out the guillotine and run it as a pay-per-view, claw-back ALL ill-gotten gains, and insure that the laws apply equally to .gov too. It’s not as if the thieves are producing anything of value anyway.

  13. [...] "CRITEO-300×250", 300, 250); 1 meneos Gestores de fondos chinos condenados a muerte por estafar a sus inversores [ENG] http://www.thechinamoneyreport.com/2011/11/10/chinese-fund-manag…  por du_dua hace [...]

  14. [...] | 19.11.2011 | Sonstiges Wenn in China ein Fonds-Manager Investoren um eine Milliarde betrügt, verhängen die schon mal die Todesstrafe für zwei Brüder und ihren Vater und schmeißen einen Dritten in den Knast. Ich erwarte ja nicht, [...]

  15. Chris says:

    Frankly most of the comments above are ridiculous. The US is actually quite transparent compared to the vast majority of countries in the world. (http://www.transparency.org.uk/)

    Capital punishment has always existed as a punishment for crimes. Unfortunately it hasn’t been effective against stopping major crimes.

    You should cherish your democracy and judicial system, and stop taking it for granted.

    According to jeff’s comment, we should execute everyone with any authority. I somehow doubt a Reign of Terror would solve any of the problems faced by the US.

    Be lucky for what you have. Many of the poorest live on a couple of dollars a day. You enjoy the internet, many don’t even have electricity.

    • Matt says:

      I personally don’t like when people compare the US to other countries. I feel in a lot of cases it is like comparing apples to oranges. That said, I do agree that your statement is true when looking at the “recent” past. However our country took a big turn after 9/11, with the majority of the changes happening under republican watch, and of course to be fair they have not been resolved by the democrats which of course makes them complicit at best. Look at the TSA, they haven’t prevented anything – of course you could make the argument that they dterred it but that is completely different and cannot be proven either way. So bottom line it is more productive to compare a given nation with their past, so the question becomes… Is our government more or less transparent then it was before 9/11? I submit that the answer is no.

  16. Bloomy says:

    It’s not about death sentence it’s about punishing people for crimes in the economy.
    Banks in western nations rob people of their money for a long time now and none of them gets punished. They get PAID for doing so.

    • Matt says:

      Most banks don’t rob people, the people have been gladly handing their money over without any coercion or force. I think actual cases of fraud should be prosecuted fully and quickly. But other than that the ONLY thing which can fix this is an awakening of the people which results in people permanently choosing to live without debt.

      Also to be a bit snarky, apparently it is not just banks in western nations since the article is about China which by definition is an eastern nation…

  17. Advocatus Diaboli says:

    You US-Americans should first abolish your own death penalty before damning other nations. Such behaviour makes You worldwide so unsympathetic. Plus your hypocricy to be world police. The Chinese have a right to do what they want, this is of no regard to you.

  18. Justin says:

    You would kill a person because they diluted your milk?
    What’s next, are you going to shank the manager at McDonalds who you think diluted the soda fountain?

  19. John B says:

    When need some Chinese justice on Wall Street.

  20. anonymous says:

    Will those objecting to capital punishment in this case agree to life sentences instead? Fair enough. The point is that egregious white-collar crime should be punished with equal or greater severity as violent street-level crime. Which does more harm to society? Considering the motivations and opportunities of the perpetrators, which is the greater moral evil?

  21. Unterdosis says:

    I do not support the death penalty. However, something is wrong with the legal system if banksters get bailouts while shoplifters are sent to jail.
    And don’t tell me it was their customers fault; everyone wants money, it’s the banksters job to check if someone can pay back the money they borrow him BEFORE they borrow him the money. This system failed, and that’s what got us here.

  22. [...] around! Chinese Fund Managers Sentenced to Death after Cheating Investors out of $1 Billion USD (The China Money Report) • Millionaires ask Capitol Hill: Please tax me more! (Boston.com) • NPR, Ayn Rand, And The [...]

  23. [...] around! Chinese Fund Managers Sentenced to Death after Cheating Investors out of $1 Billion USD (The China Money Report) • Millionaires ask Capitol Hill: Please tax me more! (Boston.com) • NPR, Ayn Rand, And The [...]

  24. [...] [The China Money Report] Related posts:Attention. Attention.What if the states of Brazil were independent nations?U.S. Bill Attempts to Apply Upward Pressure to Chinese Yuan. Category: Global Economy Tag: Asia, Business & Finance, capital punishment, China, Economics, Economy, Hunan, Intermediate People's Court of Lishui, Ji Linqing, Ji Shengjun, Ji Wenhua, Jiangxi, Lishui Yintai Real Estate Investment Group, People's Republic of China, Real Estate Investment Fraud, Zhejiang November 20th, 2011 No comments yet KehlBayern Leave a Comment or Cancel reply [...]

  25. [...] around! Chinese Fund Managers Sentenced to Death after Cheating Investors out of $1 Billion USD (The China Money Report) • Millionaires ask Capitol Hill: Please tax me more! (Boston.com) • NPR, Ayn Rand, And The [...]

  26. [...] The China Money Report » Chinese Fund Managers Sentenced to Death after Cheating Investors out of 1…. Share this:EmailFacebookTwitterLike this:LikeBe the first to like this post. Comments (0) Trackbacks (0) Leave a comment Trackback [...]

  27. Randy says:

    People, as much as a I appreciate the sentient… starting a/o leading a Ponzi scheme is not equivalent to first degree murder nor the kidnapping of a child, both of whom, are severe to capital offenses in several US states.

    What the Chinese govt has done is take over the job of the lynch mob, so that people can see blood w/o needing to do the job for themselves. This is not how modern societies are suppose to function.

    If you have capital punishment, it has to be for crimes which warrant it: murder one and kidnapping of a minor. And even this rampant execution of drug possessions in east Asian societies is barbaric. What happens when those drugs get planted in one’s suitcase, by let’s say a business or political opponent?

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  29. [...] This story was filed from Hangzhou, China…and posted over at thechinamoneyreport.com about ten days ago…and I thank reader Randall Gallimore for sending it to me.  The link is here. [...]

  30. [...] to me that China is on to something here. The story is in http://www.thechinamoneyreport.com. Posted in Miscellaneous | Tagged Fraud, [...]

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  32. Chris says:

    “I will not lie, cheat or steal, nor tolerate those who do.” That is the West Point Code. It should be applied to anyone who enjoys the public trust. Those proven to have violated the public trust should be severely punished. Such rarely happens in the US. Michael Milken, who stole billions from the stock exchange, was not even subjected to the indignity of being booked. Part of Milken’s short sentence required he never act as an investment manager again. Upon his release from less than a two year jail sentence, Congress reversed the limitation on working as an investment manager so Milken could help Ted Turner sell Turner Broadcasting, for which Milken received a 50 million dollar fee. With such precedents, is it any wonder that Wall St. thieves have ruined millions of investors and almost destroyed the economy without fear of retribution? They take whatever they can, whomever they can, and fear nothing. Teach them to fear. Betrayal of the public trust should be the most severely punished crime in the US.

    • peter says:

      Our country or is it there country (The few politicians holding hands with verygreedy investment bankers ) to treat us as farm animals for milking like a cow and take our retirement pasture. Is death really to good for these thieves. Death as in capitol PUNISHMENT may be a real wakeup for others. I am a war veteran We have alway’s fought for a great country that lately has been savaged of its riches . Death would be to nice fo these thugs.

  33. Larry says:

    Capital Punishment is not a penalty or a punishment.

    A person’s life span is shortened somewhat.

    Real punishment is sitting in a cell and staring out of a window for 40 or 50 years.

  34. [...] as freedom-loving Americans were being saturated with chemicals, there's this story from China in which financiers (the same ilk as, say, Richard Fuld, Lloyd Blankfein, and all [...]

  35. Franklin says:

    Great news but since the victims did not get back a penny I would have used a different route than the cops if I was one of those investors. The vigilantes at these two links have recovered over $15 million for fraud victims without a single lawyer or cop. Check it out..

    http://open.salon.com/blog/china_business_central/2012/10/05/foreigners_go_shark_fishing_to_catch_clever_china_cheaters

    and

    http://www.cityweekend.com.cn/beijing/articles/blogs-beijing/expat-life/scam-busters-introducing-china-scam-patrol1/

    They should have given the perp the chance to buy his life by refunding all the money he swindled!

  36. Part time lover says:

    This is more like it! Go China!!!

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