Chinese man gets jail for $8.5 bln gold futures fraud
BEIJING (Reuters) - A man in eastern China has been given a 9-year jail term for buying and selling over 58 billion yuan ($8.5 billion) worth of fraudulent gold futures, state media said on Thursday.
The man, named as Zhang Yong from the prosperous eastern province of Zhejiang, "was accused of illegal operation and flight of capital contribution", the official Xinhua news agency said, citing the court.
"It was believed to be the biggest ever case of illegal gold futures dealing," the report added.
Zhang found clients by advertising his services on the Internet, and had more than 1,000 as of June last year for his online trading platform.
But his company apparently did no real trade in any gold futures, Xinhua said.
"The gold dealing of the company was not connected with the international market ... The company acted as both the buyer and seller and charged a fee from each deal," it added, without elaborating.
(Reporting by Ben Blanchard; Editing by Sanjeev Miglani)
(For more news on Reuters Money visit www.reutersmoney.in)
© Thomson Reuters 2009 All rights reserved
India Investment Summit 2009
Top executives and bankers discuss their own plans and the broader opportunities and challenges for India during the Reuters India Investment Summit in Mumbai and Bangalore. Full Coverage | Blog
PLAYBOY SALE
An icon bows to changing times
With his Playboy Enterprises in talks to be sold for about $300 million, the 83 year-old Hugh Hefner will be giving up control over the iconic adult entertainment empire he founded that was instrumental in shaping society's opinions on nudity, sex and free speech. Full Article
India
US
UK
