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China sentences underground bank operator to death

May 21, 2013

BEIJING -- A businesswoman in southern China has been sentenced to death on charges of defrauding investors as the government tightens controls on informal financing that is widely used by entrepreneurs. Lin Haiyan was convicted of "illegal fundraising" for collecting 640 million yuan ($100 million) from investors by promising high returns and low risk, according to a statement by the Intermediate People's Court in Wenzhou, a center for private sector business. It said the scheme collapsed in October 2011 and 428 million yuan could not be recovered.

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