China sentenced Wu Ying to death for defrauding investors of more than $100 million, the China News Service reported today, citing a court ruling. Wu, born in 1981, raised 773 million yuan ($113 million) with promises of high returns, according to a report by the Beijing-based news service posted to Chinacourt.org, a Web site operated by the Supreme People’s Court of China. The Jinhua Intermediate People’s Court of Zhejiang province ruled Wu’s actions undermined the stability of the nation’s financial system, according to the report.
Wu used a portion of the money for futures trading, racking up 50 million yuan of losses, China News reported. She also spent almost 20 million yuan buying automobiles, including a 3.75 million yuan Ferrari SpA car, according to the report.
Chinese Court Sentences Woman to Death for $113 Million Fraud [Bloomberg]
ouch
Looks like she didn't know Wu she was mesYing with.
I'm going to do a search and see what articles have been tagged "awkward." Something tells me it could be a pretty decent proxy for a "best of" list of articles.
Herroh, dis is shitty wok.
There is something about this story that’s so black, it’s like, how much more black could this be? and the answer is: none, none more black.
How reasonable. Feed me her carcass.
-Michael Moore
Nigel, GFY.
Her actions "…undermined the stability of the nation’s financial system, according to the report."
Some fucking financial system. What happened to re-indoctrination?
let this be an example of what happens when you stray too far from the kitchen, ladies
i love china
Brutal. Even penalty of death is not a deterrent for committing fraud.
I strongly disagree with this brutal sentence. she borrowed some money really, its no big deal.
-Bernie
@7 – GSM
No one cares that it is Daniel Loeb's birthday. Fuck all you fucking fuckers!
Another example of Chinese inefficiency with respect to the use of the female body. I'm thinking they could force her into prostitution and make her pay this money back, no?
More importantly, why does my cocaine smell like cow-worming medication?
So we know that about 20% of the goods made in China are counterfeit, so it seems that is ok to defraud the rest of the world out of billions of dollars without so much of a slap on the wrist, but when it comes to defrauding thier own poeple thats a different story.
@5 You were trail blazers, mate and way ahead of your time. Never forget that.
-A fan
Even in China, it's the orientals that are commiting the ponzi schemes.
Take that opponents of the death penalty…
I heard Cassano doesn't like reading articles about Chinese justice.
Some former El Paso natty traders are glad they don't live in China, too.
@16 more importantly why do you know what cow-worming medication smells like? And why the fuck would you want to give your cow worms?
@20 What?! I think this is a pretty good example of why the death penalty doesn't work. She committed the crime knowing that she would face death if caught (i.e., NOT a deterrent). Perhaps you meant proponents?
That's quite an impressive resume to have by 28, I think.
Nigel – they're going to be playing a Mach piece in the background at the execution.
pikers get excecuted
Anal_yst, any thoughts on the situation?
@27 – Is it, "Lick My Love Pump" in D Minor? I wrote that!
Bad china, bad. This is what we mean by human rights. Watch our example. We treat everyone with dignity. Even 9/11 terrorists. Its what make us the best.
Oh and if you dont mind, could you spare like 100 billion. We would like to give it back to you with interest but first we have to give it to small countries who really want to fight green house gasses. They will give it to you.
Obama
Oh and @24 seriously take your hippie shit to Copenhagen
No pic of this chick, seems like a waste of good asian pussy
Tax Chick, are you an accountant?
Stuff like this happens at D. E. Shaw all the time. It's no big deal.
What do they do with insider traders? China will soon exercise it's personal jurisdiction over them as they own our shit.
Death by injection of whiteboard markers into her rectum.
Tax Chick,
Just pointing out the Chinese govt may acknowledge their concerns but already has the keys in the bulldozer (tank most likely) to run them over.
-20
Leave Anal_yst and Tax Chick alone!!!
Wonder what would've happened to me if I stayed in the motherland?
- Jeffrey Chiang
I bet China is celebrating Dan Loeb's birthday.
Greg, you missed the best part, you dumb ass
"The ruling comes after China last week executed Yang Yanming, a former employee of China Galaxy Securities Co., for embezzlement and misappropriating 94.5 million yuan."
That's a mere $14 mil.
This is what should happen to all women in finance.
-ping jiang
I wonder what they will do to us if we dont pay them back…
I mean when we dont pay them back.
I mean cause we cant pay them back.
-Obama
@31 – you are an idiot.
@33 – no
@37/20 – and this proves the effectiveness of the death penalty how? I agree the tank is idling in the strett off the square, but I fail to see how this bolsters the argument for the death penalty.
@24-TC,
the last time i checked the death penalty worked just fine – 100% success rate.
Tax Chick, are you Jamie Lee Curtis?
@45/ NC – yes, yes… you win on semantics. Now draw a star on your forehead and go to the front of the class.
http://www.bloomberg.com/apps/news?pid=20601124&s…
@44- You suck.
Go surf your hippie liberal blogs where people take themselves as seriously as you do, moron.
Leave Tax Chick and Anal_yst alone!!!
@49 – If take two minutes to think, you will realize I am neither advocating for nor against the death penalty. Just questioning the logic #20's comments.
Please go drown yourself in a public toilet, preferably one frequented by puss oozing, sore encrusted gutter sluts.
@43/Obama
Chinese Holocaust of Americans, perhaps? Ironically, if you actually passed the health care bill you want then we would all be guaranteed execution due to the cost and there would be no need for health care at all. Catch 22.
Tax Chick, any thoughts on this situation in China?
@ 17- I agree. It it truly amazing how everything that comes out of that County is counterfeit but when it comes to their own, he deserves the death penalty.
An Den?
"No, An Den!!!"
@TC/47, you're in an uphill battle going up against a handle like that.
@15, FTMFW, you are a genius sir
@42 and @45 – spot on mates, spot on
As for this situation, this women should not have even been born had her parents followed the one child policy, so her birth undermined the stability of China, as did her thievishness. She should be put down, along with her parents for having her illegally, her brother for not being a superior enough child and therefore made the parents foolishly want to become criminals and have another, the grandparents for raising such stupid kids who didn't know the law or proper parenting. I'd also put down the other villagers for not reporting this violation 28 years and 773,000,000 Yuan ago.
My point being that yes, Chinese Communists, especially Mao, eat children, according to the Black Book of Communism.
-P.M. Berlusconi
P.S. Fuck you hataz, after my surgery ima look flya then ever and fuck all ya'll granddaughters.
Golf clap for 58, 55, 56 (in that order) for making this a lulz filled friday.
On the topic, though, there is no way that zapping people doesn't set a deterrent, especially for lower payouts. Just like anything else in finance, if the EV of the benfit – being able to get away with it is more than the EV of getting murd'd by a tank , people will scam away. All the tank does is increase your hurdle rate…
Also as far as the practical impact of the deterrent, i bet she won't be doing that again
TC,
I'll give it one more shot–the 20th comment was not supposed to be an argument for or against the death penalty. Just wanted to take a second to laugh at the people who feel strongly about this (with my fellow DB readers who also like to laugh at any and all idealists–we all know you're out there) and are probably saddened by the whole thing.
20, 37
@20/37/61 – capice
How is this at 60+ comments without:
Being executed is the new killing it!
Damn, that's one expensive car. Can you spend $600+ grand on a Ferrari or do they mark 'em up huge in Zhejiang Province?
lesson to be learned: china … not f@ckin' around.
Bernie Madoff's attorney should have asked for a change of venue. Yer honor, Judge Roberts pleeeease, send me to the 'lectric chair.
@ Tax_Chick-
Go do some taxes you back office bitch.
Can I have her Ferrari?
Whoa, that's harsh!
~ A. Stanford
Mee chinee. Mee play joke. Mee do pee pee in ur coke.
Why can't we out source the SEC's job to China? We out source everything else?
@64–most luxury goods (including cars, watches (patek, vacheron etc.)) are really marked up–a premium as a result of the difficulty for Chinese citizens to get a visa to go abroad
@64 – Taxes. For imported luxury cars, custom duty, Value Added Tax and consumption tax etc. can easily top 200% of the imported price.
@67 – Some logic. History major?