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Shanghai fraudster sentenced to life in prison

June 15, 2013 at 2:08 PM

SHANGHAI, June 15 (UPI) -- A Chinese court has sentenced a former Shanghai financier to life in prison in a massive bank fraud.

Liu Jiyuan, 45, was convicted in Shangdong Province of using scores of forged documents to cheat various banks and other companies out of an estimated 10.1 billion yuan ($1.64 billion).

China's Xinhua news agency said Saturday Liu was president of an investment firm. He used forged loan documents and deposit certificates, and also posed as bank employees to perpetuate his fraud from 2008-2010.

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