'China's Madoff' Was Executed In Secret

[FarCenter]

Hunan province businessman Zeng Chengjie — who emerged from poverty to become a major real estate developer — was executed by the Chinese government for fraud and illegal fundraising last week.

According to Zeng's daughter, local Party members removed their investments from her father's projects in 2009, causing panic among ordinary investors. Zeng was left "holding the bag" in the alleged Ponzi scheme. He was imprisoned and his assets sold by a state-owned company.

From Tea Leaf Nation:

He allegedly defrauded more than 57,000 investors out of approximately RMB2.8 billion (US $460 million), of which RMB1.7 billion had been returned. He used the money to fund his company that bid for urban development projects, including key local landmarks and public facilities, in Jishou, a small city in Hunan.

Read more: http://www.businessinsider.com/chinas-madoff-was-executed-in-secret-2013-7

[DemocratSinceBirth]

1. That's messed up/nt

[DetlefK]

2. Big Money is a snake-pit in China: It's all about personal and political connections.

And China is so rife with corruption that the government has no choice but to answer with executions to counter the bad publicity.

[Tarheel_Dem]

3. Hhhhmmm. I wonder why the Guardian didn't break this? Oh wait.....