Leader of China's $9 billion Ezubao online scam gets life; 26 jailed

Leader of China's $  9 billion Ezubao online scam gets life; 26 jailedA Beijing court on Tuesday sentenced the architect of the $ 9 billion Ezubao online financial scam to life imprisonment, and handed down jail time to 26 others, marking the close to one of the biggest Ponzi schemes in modern Chinese history. Beijing First Intermediate People’s Court sentenced Ding Ning – chairman of Anhui Yucheng Holdings Group that launched Ezubao in 2014 – to life in prison and fined him 100 million yuan ($ 15.29 million) for crimes including illegal fundraising, illegal gun possession and smuggling precious metals. Ding Dian, the chairman’s brother, was also sentenced to life, while Zhang Min, Yucheng’s president, and 24 others were sentenced to imprisonment for 3 to 15 years, according to an article on the Beijing Courts social media account.

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