Court upholds Ponzi death sentence | Shanghai Daily

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Court upholds Ponzi death sentence

AN intermediate court in Lishui City of east China's Zhejiang Province has upheld its previous death sentence with two years' reprieve for a city government driver who had illegally collected 2.6 billion yuan (US$380 million) from other people.

Lishui Intermediate People's Court rejected Lu Weiqiang's appeal yesterday, the China News Service reported today.

All Lu's personal property will be confiscated, according to the court verdict.
Lu, a former chauffeur with Lishui's city government, carried out a Ponzi scheme from August 2004 to March 2008 involving 33 victims.

He spent the money on gambling, housing, cars and factory buildings before surrendering to police on April 24 last year as he was unable to return funds and interest to investors who participated in his scheme.

The court heard that, with the help of several senior officials in Lishui, Lu raised the funds from individuals and companies for so-called construction projects, bank loans and international trade, and promised investors monthly returns of 2 to 12 percent.






 

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