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  1. #1
    Atomic Punk ZeoBandit's Avatar
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    10.28.16 @ 04:08 AM
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    Default China death sentence for ant scam

    Don't mess with the Chinese!

    China death sentence for ant scam
    POSTED: 7:23 a.m. EST, February 16, 2007

    BEIJING, China (Reuters) -- A Chinese man has been sentenced to death for conning people out of 3 billion yuan ($387 million) in a giant scam to breed ants, local media said on Thursday.

    Wang Zhendong, from the northeastern province of Liaoning, fabricated a business purported to be making wine, tea and medical elixirs using mature ants, the Beijing News said.

    In parts of China, black ants are sold by the bagful to be steeped in tea or soaked in liquor as a natural remedy for ailments such as arthritis.

    Wang sold packages of ants to the investors for up to as much as 10,000 yuan ($1,290) when they were only worth 200 yuan, China Central Television reported.

    More than 10,000 people, lured by the promise of returns of up to 60 percent, signed 100,000 contracts with Wang's bogus company before the case came under investigation in June 2005.

    Investigators could only recover 10 million yuan of the money raised by Wang, the Beijing News said. One investor was so distraught at losing his money he killed himself, the newspaper said.

    Fifteen managers of the company were jailed for between five and 10 years and fined between 100,000 and 500,000 yuan, Xinhua news agency said.

    In his defense, Wang said he did not know the first thing about raising ants and was "quite unclear" about the costs, the Beijing News said.

    Wang spent 798 million yuan on himself, paying off personal debts and lending money to other people, it added.
    "What we are dealing with here, is a complete lack of respect for the law" - Jackie Gleason, Smokey and the Bandit - The site where you are the search engine.

  2. #2
    Good Enough darthadv's Avatar
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    01.05.12 @ 08:51 PM
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    shame on those willing to spend so much money on ants! i don't get what this guy is getting in trouble for? trying to be capitalistic in a communist society?

  3. #3
    Atomic Punk chefcraig's Avatar
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    03.07.10 @ 05:18 AM
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    Quote Originally Posted by darthadv View Post
    shame on those willing to spend so much money on ants! i don't get what this guy is getting in trouble for? trying to be capitalistic in a communist society?
    Sooo...fleecing people is OK with you?

    One wishes this example of "Chinese Justice" could be rendered on all of the insurance companies that fucked folk in the aftermath of hurricanes Katrina and Wilma by refusing to pay out, even to those who'd never filed a claim in over 20 years.

    In this country if a company or individual scams folk, it's basically "Tough shit". (Look at the Enron debacle ). Good for the Chinese.
    "The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore, all progress depends on the unreasonable man."
    George Bernard Shaw

  4. #4
    Atomic Punk
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    05.31.14 @ 07:17 PM
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    Too bad it wasn't ENLON instead of ENRON.

    You'd see some friggin' justice.
    "Nothing is ever what it seems but everything is exactly what it is." - B. Banzai

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