The Intermediate People’s Court of Nanjing, capital of Jiangsu Province, handed down the first trial sentence to Zhang Xiaolei, who pleaded guilty and expressed remorse in court, saying that he would not to appeal.
According to the court, Zhang established two firms in 2010 and 2012, with illegally-raised funds. Through the firms, he continued to manage a so-called “Qianbao Network’’, promising a high return rate from 20 to 60 per cent annually as bait to assimilate deposits.
Zhang concealed the fact that he only used a small portion of the funds for production and operation, and spent most of the funds for returning old debts, and lavishing on his personal consumption.
He exaggerated on his business scale and investment value while sponsoring commercial activities for winning fund contributors’ trust.
In December 2017, Zhang surrendered himself to the police.
Police worked hard to recover the assets involved in the case and freeze Zhang’s personal bank accounts and assets.
The recovered assets will be transferred to the executive organs, to help return some of the losses to the fund-raising participants, according to the court.
The court held that Zhang used the fraudulent method of illegal fundraising for the purpose of illegal possession.
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