Shenzhen ＂Financing City＂ fund-raising fraud case was sentenced to nearly 5 billion in the first instance.

　　Xinhua News Agency, Shenzhen, August 24th (Reporter Zhou Ke) The reporter learned from the Shenzhen Intermediate People’s Court that on the 23rd, the court publicly pronounced a verdict on 28 people, including Dong Ming, the controller of Shenzhen Financing City Network Service Center Co., Ltd., who were suspected of committing the crime of fund-raising fraud and illegally absorbing public deposits.

　　The court sentenced the defendant Dong Ming to life imprisonment for the crime of fund-raising fraud, deprived him of political rights for life, and confiscated his personal property of RMB 100 million. For the crime of illegally absorbing public deposits, 27 defendants, including Wang Lianlin, Ge Shaoyong, Yang Xiaoshan and Ke Lixin, were sentenced to fixed-term imprisonment of 10 years to fixed-term imprisonment of 3 years, suspended for 3 years, and fined. The stolen money shall continue to be recovered by the public security organs, and the recovered part shall be returned to the fund-raising participants in proportion according to law; The funds seized and frozen in the case shall be returned to the fund-raising participants in proportion according to law; After the property, vehicles, shares and articles sealed up and detained in the case are changed in price, they will be returned to the fund-raising participants in proportion according to law, and the insufficient part will be ordered to continue to refund compensation and be returned separately according to the same principle according to law.

　　The court found through trial that in March 2009, the defendant Dong Ming established Shenzhen Financing City Investment Consulting Co., Ltd. by means of cross-shareholding of his holding company, and later renamed it Shenzhen Financing City Network Service Center Co., Ltd., and established an Internet investment and financing platform. Dong Ming and others illegally raised funds by investing in wealth management, investing in shares, etc. without the approval of the competent authorities of the state, and illegally controlled the fund-raising by using methods such as self-financing, returning new packages to old ones, and intercepting financing funds, and illegally raised RMB 4.945 billion from 5,240 people.

　　After trial, the court held that the defendant Dong Ming illegally raised funds for the purpose of illegal possession. After raising funds, it was obviously disproportionate to the scale of raising funds for production and business activities. The profitability of production and business activities did not have the possibility of paying all the principal and interest, and the principal and interest were mainly returned by borrowing new ones. As a result, the amount of funds raised could not be returned, and the circumstances were particularly serious, which constituted the crime of fund-raising fraud. The defendants Wang Lianlin, Ge Shaoyong, Yang Xiaoshan, Ke Lixin and other 27 people illegally absorbed public deposits, disrupting the financial order, and the amount was huge, all of which constituted the crime of illegally absorbing public deposits. According to the facts, nature, circumstances, amount and degree of harm to society of each defendant, the court made the above judgment.

　　More than 400 relatives of the defendant, fund-raising participants and people from all walks of life attended the verdict.