Chinese bank managers and their wives arrested

In a major Las Vegas criminal case this week 2 previous managers of the Bank of China and their spouses were found guilty by a federal jury on charges of fraudster, money laundering, global transportation of stolen possessions in addition to passport and visa deception, Acting Assistant Attorney General Matthew Friedrich of the Criminal Division and U.S. Attorney Gregory A. Brower of the District of Nevada stated.
Xu Chaofan, Xu Guojun, Kuang Wan Fang and Yu Ying Yi were convicted following being charged in the 15-count condemnation, with sentencing planned for November 24, 2008.

Proof shown throughout the trial built a complicated method to deceive the Bank of China of no less than $485 million, arranged by the accused and a third previous bank manager, Yu Zhendong who pleaded guilty and assisted the authorities, Huliq.com reports.

The scheme involved attempts by the bank managers to launder the stolen money via Hong Kong, Canada and the United States, between other countries, and after that moved to the United States from China with their spouse by getting fake identities and going into fake marriages with naturalized U.S. citizens.

The bank managers’ true spouses, Kuang Wan Fang and Yu Ying Yi, helpled their husbands in laundering the progresses of the counterfeit scheme and infringed U.S. immigration laws by going into the United States illegitimately and then protecting U.S. citizenship and passports via falsified means. The condemnation charged Kwong Wa Po as well, who remains a fugitive.

All 5 defendants were charged with engaging in a RICO plot that started in 1991 and went on until October 2004, when the former bank managers and their wives were taken in custody.

Casino News: Chinese bank managers and their wives arrested

Chinese bank managers and their wives arrested