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Chinese man to hang for ant scam | Chinese man to hang for ant scam |
(about 2 hours later) | |
A Chinese company chairman has been sentenced to death for running a scam involving giant ants. | A Chinese company chairman has been sentenced to death for running a scam involving giant ants. |
Wang Zhendong promised investors returns of up to 60% if they put money into the fictitious ant-breeding project, the court heard. | Wang Zhendong promised investors returns of up to 60% if they put money into the fictitious ant-breeding project, the court heard. |
Wang, from Liaoning province, raised 3bn yuan ($390m; £200m) in three years, prosecutors said. | Wang, from Liaoning province, raised 3bn yuan ($390m; £200m) in three years, prosecutors said. |
The ants are used in traditional medicines and remedies in parts of China. | |
Fifteen other staff members were fined and given jail terms of between five and 10 years. | Fifteen other staff members were fined and given jail terms of between five and 10 years. |
More than 10,000 investors signed 100,000 contracts with the company before the case was investigated in June 2005, Xinhua news agency reported. | More than 10,000 investors signed 100,000 contracts with the company before the case was investigated in June 2005, Xinhua news agency reported. |
Only 10m yuan was recovered before the case was brought to court, it said. | Only 10m yuan was recovered before the case was brought to court, it said. |
One investor committed suicide after realising he had been duped, according to the court. | One investor committed suicide after realising he had been duped, according to the court. |
Wang's actions also caused huge economic losses for investors and many subsequently suffered from depression, it added. | Wang's actions also caused huge economic losses for investors and many subsequently suffered from depression, it added. |
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