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Chinese Ponzi pawnbroker gets life

Xinhua, April 1, 2016 Adjust font size:

A pawnbroking company boss was sentenced to life in jail for a Ponzi scheme worth hundreds of millions of yuan in south China's Hainan Province, a court said Friday.

Shen Guilin, former chairman and legal representative of a Haikou pawnbroker, was convicted of illegally raising 882 million yuan (about 137 million U.S. dollars) from 210 people between 2002 and 2013 by Haikou Intermediate People's Court.

Shen was also former deputy chairman of the Hainan Federation of Industry and Commerce. He promised lenders monthly interest of up to 4 percent and used their money to return the principal and interests of previous loans or to purchase houses and luxury goods. The victims suffered losses of 408 million yuan.

Shen fled via Hong Kong to Thailand and Laos in December 2013.

Shen plans to appeal. Endi