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.

Related UPI Stories
Latest Headlines
Trending Stories
Pepsi to release 'Back to the Future Part II' inspired Pepsi Perfect
Nobel Prize in medicine awarded to parasitic disease scientists
Womb transplants begin in U.K. after Sweden's success
Gay Vatican priest comes out day before Pope Francis begins synod on family issues
Scientists find roadmap that may lead to 'exercise pill'