Two Chinese executives get life in prison for $7.6 billion Ponzi scheme

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Two executives for Chinese peer-to-peer lender Ezubao have been sentenced to life in prison for running an alleged Ponzi scheme, according to state news agency Xinhua.

Ding Ning, the company’s founder, and his brother Ding Dian, were both sentenced and fined 100 million yuan ($15.3 million) and 70 million yuan ($10.7 million), respectively.

Ezubao was shut down last year after raising more than 50 billion yuan ($7.6 billion) from 900,000 investors. By the time the men were arrested, the company had failed to repay 38 billion yuan ($5.8 billion).

Twenty-four others involved in the scheme were jailed for three to 15 years

Read more here: cnbc.com


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