China Upholds Death for Ant Fraudster
Legal World
A court in northeastern China upheld a death sentence Monday against a businessman accused of bilking investors in a would-be ant-breeding scheme, state media reported.
The Liaoning Provincial Higher People's Court turned down an appeal from Wang Zhendong, who was convicted of fraud and sentenced to death last February, the official Xinhua News Agency reported.
Wang, chairman of Yingkou Donghua Trading Group Co., had promised returns of up to 60 percent for investors who purchased ant-breeding kits from two companies he ran.
The insects were to be used in traditional medicinal wines, herbal remedies and aphrodisiacs.
Authorities, concerned about social unrest, have come down hard on fake investments and pyramid schemes, although Wang's sentence was harsh even by Chinese standards.
Communist leaders have sought to make examples out of businessmen and officials accused of fraud and corruption, and last year executed the former head of its food and drug watchdog for approving untested medicine in exchange for cash.
Wang attracted more than 10,000 investors between 2002 and June 2005, when investigators shut down his companies. The closure of his business set off a panic among small-time players who saw their life savings disappear overnight.
Investigators put the size of the fraud at $416 million. Only $1.28 million was recovered. Fifteen managers of the company were also fined and sentenced to prison terms ranging from five to 10 years.
Related listings
-
Record profits prompt calls for windfall tax against Shell
Legal World 01/31/2008Calls for a windfall tax on oil companies have been reignited after Royal Dutch Shell posted record UK company profits of almost £14 billion.The Unite union said profits in the industry were "obscene" and urged the Government to take action, especial...
-
EU Court: Downloaders Can Stay Private
Legal World 01/29/2008[##_1L|1157132117.gif|width="115" height="75" alt=""|_##]Record labels and film studios cannot demand that telecom companies hand over the names and addresses of people suspected of breaking European copyright rules by swapping illegal downloads, the...
-
European Court condemns France over gay adoption
Legal World 01/24/2008[##_1L|1291690836.gif|width="115" height="75" alt=""|_##]The European Court of Human Rights has ruled that France discriminated against a lesbian woman by preventing her from adopting a child. The nursery school teacher, 45, has lived with the same f...
Illinois Work Injury Lawyers – Krol, Bongiorno & Given, LTD.
Accidents in the workplace are often caused by unsafe work conditions arising from ignoring safety rules, overlooking maintenance or other negligence of those in management. While we are one of the largest firms in Illinois dedicated solely to the representation of injured workers, we pride ourselves on the personal, one-on-one approach we deliver to each client.
Work accidents can cause serious injuries and sometimes permanent damage. Some extremely serious work injuries can permanently hinder a person’s ability to get around and continue their daily duties. Factors that affect one’s quality of life such as place of work, relationships with friends and family, and social standing can all be taken away quickly by a work injury. Although, you may not be able to recover all of your losses, you may be entitled to compensation as a result of your work injury. Krol, Bongiorno & Given, LTD. provides informed advocacy in all kinds of workers’ compensation claims, including:
• Injuries to the back and neck, including severe spinal cord injuries
• Serious head injuries
• Heart problems resulting from workplace activities
• Injuries to the knees, elbows, shoulders and other joints
• Injuries caused by repetitive movements
For Illinois Workers’ Compensation claims, you will ALWAYS cheat yourself if you do not hire an experienced attorney. When you hire Krol, Bongiorno & Given, Ltd, you will have someone to guide you through the process, and when it is time to settle, we will add value to your case IN EXCESS of our fee. In the last few years, employers and insurance carriers have sought to advance the argument that when you settle a case without an attorney, your already low settlement should be further reduced by 20% so that you do not get a “windfall.” Representing yourself in Illinois is a lose-lose proposition.