Woman boss gets death penalty for fraud

Woman boss gets death penalty for fraud
Mar 23, 2008 03:51
guestNWPU	China's State News Agency reported that a woman boss of a beauty parlor has been sentenced to death in east China's Zhejiang Province, convicted of fraud and illegally raising fund of more than 700 million yuan (100 million US dollars), a local court has said. Du Yimin, 43, was charged with collecting the huge amount of money illegally by promising high returns to her 67 creditors from 2003 to July 2006, according to the Intermediate People's Court in Lishui, Zhejiang. In addition, hundreds of other investors had been attracted by the lucrative returns -- ranging from 1.8 to 10 percent per month -- and channeled funds into Du's company through her 67 creditors, the court heard. Many victims had not even seen Du, who was nicknamed "Little Girl", before she was arrested in July 2006, it heard. Du spent much of the money she had amassed on purchasing apartments and cars and on other luxury items, the court heard. Du said she would lodge an appeal. Reflecting on this case, why were so many people cheated? Is there a shortcut to be rich?

Mar 23, 2008 03:51

guestNWPU

China's State News Agency reported that a woman boss of a beauty parlor has been sentenced to death in east China's Zhejiang Province, convicted of fraud and illegally raising fund of more than 700 million yuan (100 million US dollars), a local court has said.

Du Yimin, 43, was charged with collecting the huge amount of money illegally by promising high returns to her 67 creditors from 2003 to July 2006, according to the Intermediate People's Court in Lishui, Zhejiang.

In addition, hundreds of other investors had been attracted by the lucrative returns -- ranging from 1.8 to 10 percent per month -- and channeled funds into Du's company through her 67 creditors, the court heard.

Many victims had not even seen Du, who was nicknamed "Little Girl", before she was arrested in July 2006, it heard.

Du spent much of the money she had amassed on purchasing apartments and cars and on other luxury items, the court heard.

Du said she would lodge an appeal.

Reflecting on this case, why were so many people cheated? Is there a shortcut to be rich?

Mar 23, 2008 05:07	#1
APAULT Points: Join Date: Mar 11, 2006 Status: Offline	Oh surprise...she is lodging an appeal.! There are few short cuts to becoming rich but quite a few to becomming poor....being greedy enough to fall for these high returns is just one of them. Of course her scheme can work for a while as she pays interest out of new savings she receives...but one day that must collapse.

Mar 23, 2008 08:23	#2
GARYKINKADE Points: Join Date: Jan 8, 2008 Status: Offline	Too bad that court decision can't be applied to some national and international business fraud schemes and a few politicians included in the mix.

Mar 23, 2008 10:54	#3
MARRIE Points: Join Date: Jan 7, 2008 Status: Offline	Paul, I have to believe that you are an excellent business professor for you have wits enough to point out this woman’s business operation scheme that is fragile enough to fail. In Chinese we call it 买空卖空 (sort of sell short) operated by 亡命之徒 (desperado). Gary, I agree with you that it’s questionable whether or not law and order is applicable to privilege in China and abroad.

Mar 24, 2008 01:48	#4
WESTNORWOODGAS Points: Join Date: Jun 22, 2007 Status: Offline	I think the death penalty is too extreme, the death penalty should be for murder only. Just my opinion. Alan

Mar 24, 2008 11:19	#5
GRIZ326 Points: Join Date: Jun 12, 2006 Status: Offline	Were I one of her investors...I'd want to kill her twice.

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