Xu Chaofan and Xu Guojun, and their wives, Kuang Wan Fang and Yu Ying Yi, were found guilty Friday, August 29, in U.S. District Court in Las Vegas.

They were found guilty in charges of racketeering conspiracy, money laundering conspiracy and conspiracy to transport stolen money. Xu Chaofan and Xu Guojun, the bankers, also were convicted of visa fraud. Kuang Wan Fang and Yu Ying Yi were convicted of passport fraud. The conspiracy charges stemmed after investigations revealed a 13 year scheme to embezzle $485 million from a state-owned bank, the Bank of China. The judge will pass sentences on Nov. 24.

Please click here for more recent posts.

This entry was posted on Sunday, August 31st, 2008 at 8:41 am and is filed under News.