MAN EXECUTED IN NORTH CHINA FOR ANT-BREEDING SWINDLE
November 26, 2008: the general manager of a bogus ant-breeding project that swindled 3 billion yuan (US$417 million) from investors was executed for his crimes in northeast China's Liaoning Province, a local official said.
The Liaoning Provincial Higher People's Court in February made upheld Wang Zhendongâ€™s death penalty on the charge of financial fraud. The judgment also won the approval of the Supreme People's Court. Wang was board chairman of Yingkou Donghua Trading (Group) and attracted more than 10,000 investors to his fraudulent scheme. (Sources: Chinaview.cn, 27/11/2008)