by Beth Connolly on April 10, 2012
Wang Caipang, a 30-year-old Chinese woman, was sentenced to death on Friday for the ‘crime of fraud of financing’.
She had borrowed roughly the equivalent of $15.8 million from investors between January and October 2010, “…promising to buy equipment, invest in property and open credit guarantee firms, but instead used the cash to speculate in futures and gold trading along with her elder brother, Wang Guanglin, who is still at large,” according to the Daily Mail.
Wang Caipang must first spend two years in prison, and it is common under Chinese law for death sentences to be reduced to a life sentence in prison.
By September 2010, Caipang had lost almost a third of her initial capital, roughly the equivalent of $4.75 million. She attempted to negotiate with her creditors in November 2010, but they turned her over to the police.