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Old 02-15-2007, 10:26 PM   #1
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Man Sucks for This Dude

A Chinese company chairman has been sentenced to death for running a scam involving giant ants.

BBC NEWS | Asia-Pacific | Death penalty over China ant scam

Wang Zhendong promised investors returns of up to 60% if they put money into the fictitious ant-breeding project, the court heard.

Wang, from Liaoning province, raised 3bn yuan ($390m; 200m) in three years, prosecutors said.

The ants are used in traditional medicines and remedies in parts of China.

Fifteen other staff members were fined and given jail terms of between five and 10 years.

More than 10,000 investors signed 100,000 contracts with the company before the case was investigated in June 2005, Xinhua news agency reported.

Only 10m yuan was recovered before the case was brought to court, it said.

One investor committed suicide after realising he had been duped, according to the court.

Wang's actions also caused huge economic losses for investors and many subsequently suffered from depression, it added.
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Old 02-15-2007, 10:43 PM   #2
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Re: Man Sucks for This Dude

Wow... if it was handled that way in this country, it would solve a lot of problems
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Old 02-15-2007, 11:01 PM   #3
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Re: Man Sucks for This Dude



DAMNIT... i thought i was finally going to get a giant ant
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Old 02-16-2007, 08:20 AM   #4
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Re: Man Sucks for This Dude

You have to remember, in China, there are very very few personal businesses. Most of the businesses are started by an individual and handed over to the government for their control. You def don't mess with the Chinese gov. Been doing alot of research into China and the ways of entering the market, up until a few years ago, someone who was not a Chinese citizen could not own or run a business in China.
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Old 02-16-2007, 09:58 AM   #5
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You have to remember, in China, there are very very few personal businesses. Most of the businesses are started by an individual and handed over to the government for their control. You def don't mess with the Chinese gov. Been doing alot of research into China and the ways of entering the market, up until a few years ago, someone who was not a Chinese citizen could not own or run a business in China.
China doesn't mess around. They catch ya scamming people you either get sent to a re-education center (Prison) or you die. Hell If they shot you they send your family a bill for the bullet
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Old 02-16-2007, 11:10 AM   #6
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Wow... if it was handled that way in this country, it would solve a lot of problems
if it was handled in this country, it would go through so many court proceedings, it would end costing our government and the taxpayers more than the reward would be when found guilty. look at enron. need i say more?
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