Chinese executive 'confesses' to $800m fraud

Chinese executive 'confesses' to $800m fraud Shanghai (AFP) May 16, 2016 - The alleged mastermind of a scam which cost Chinese investors hundreds of millions of dollars lived in a penthouse flat featuring peacocks and fountains, reports said Monday after he was paraded on television confessing. Xu Qin, described as the "controller" of Zhongjin Asset Management and its linked companies, was among 35 executives and employees formally arrested last week in connection ... more

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