Two former managers of the Bank of China and their wives were convicted this afternoon of racketeering, money laundering, international transportation of stolen property and passport fraud, according to a statement from the U.S. attorney's office in Las Vegas.
Xu Chaofan, Xu Guojun, Kuang Wan Fang and Yu Ying Yi were convicted by a federal jury in Las Vegas at the conclusion of a trial that began nearly three months ago. U.S. District judge Philip Pro is scheduled to sentence them Nov. 24.
The indictment also charged Kwong Wa Po, who remains a fugitive.
The charges stemmed from an elaborate scheme to defraud the Bank of China of at least $485 million. According to the U.S. attorney's office, the scheme was orchestrated by Xu Chaofan, Xu Guojun and a third former bank manager, Yu Zhendong, who pleaded guilty in connection with the investigation and cooperated with the United States.
Source: Review Journal
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