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Official's driver sentenced to death for $38m fraud

(Xinhua)
Updated: 2009-05-08 14:25

An official's driver in east China's Zhejiang Province was given Thursday a death sentence with a two-year reprieve for defrauding investors of 263 million yuan ($38 million).

The Lishui Intermediate People's Court also confiscated all Lv Weiqiang's personal property and deprived him of political rights for life.

Lv was convicted of amassing the funds by promising high returns to 33 individuals and businesses between August 2004 and March 2008, the court said.

He used his capacity as a driver for a local official to defraud investors by using faked project bids, export business and mutual fund investment and used the money on paying back earlier investment, gambling and buying luxury homes, cars and workshops, the court found.

Lv still owed the investors 40.4 million yuan after surrendering himself to police.

Lv was driver of Shi Jicheng, chairman of the Lishui Municipal Committee of the People's Political Consultative Conference. Shi was not found to be involved in the fraud.