国产热热热精品,亚洲视频久久】日韩,三级婷婷在线久久,99人妻精品视频,精品九热人人肉肉在线,AV东京热一区二区,91po在线视频观看,久久激情宗合,青青草黄色手机视频

Economy

Markets

Industries

Insights

Reports

Events

Execs sentenced in pyramid selling scam

(Xinhua)
Updated: 2009-01-01 14:42

A court in northern China's Inner Mongolia on Wednesday sentenced two executives of a forestry company for defrauding investors of 1.28 billion yuan ($160 million) through a type of pyramid scheme.

Chen Xianggui, 44, board chairman of Inner Mongolia Wanli Afforestation Co, Ltd., was sentenced to 11 years in prison and had to turn over 200 million yuan. Liu Yanying, 38, general manager of the company, was sentenced to nine years and had to give back 150 million yuan, according to the Intermediate People's Court in Baotou City.

The court said the scheme involved more than 30,000 people from 12 provinces and municipalities.

The company was involved in "illegal pyramid selling with false advertising" because it paid bonuses to members based on how many investors they brought in.

Chen and Liu charged investors 1,660 yuan for each mu of land (0.066 hectare) and promised they would get 12 cubic meters of timber in eight years and 15 cubic meters in 10 years, the court said. Such a return would have represented a quadrupling of the original investments.

However, Inner Mongolia is harsh and dry, and its deserts generate sandstorms that reached as far as Beijing.