A former high-flying businesswoman was sentenced to death in Zhejiang Province for orchestrating a massive Ponzi scheme.
The scam lifted 770 million yuan (US$112.77 million) from 19 investors in less than two years. Jinhua City’s Intermediate People’s Court found Wu Ying, 28, guilty of running the scheme.
The court also ordered all of Wu’s personal property confiscated, China News Service reported yesterday.
Wu, who was listed sixth on the Hurun Report’s Rich Women’s List of 2006 for China’s mainland, started to raise money from friends by promising high returns.
Source: Shanghai Daily
I think China might have found an effective way to cut down on Ponzi scams. I bet Bernie Madoff is glad he didn’t live there.