China Executes 4 For Bank Fraud

[jeffrey]

From usatoday.com

China executed four people, including employees of two of its Big Four state banks, for fraud totaling the equivalent of about $15 million, the Xinhua state news agency said Tuesday, amid the country's high-profile campaign against financial crime.

The executions come after a string of arrests in white-collar crime as China prepares to sell shares in its big banks. The latest cases involved China Construction Bank, due to raise up to $10 billion in an initial public offering next year, and Bank of China, which is moving toward an IPO worth up to $4 billion.

Wang Liming, a former accounting officer at China Construction Bank in the province of Henan, worked with others to steal $2.4 million from the bank, Xinhua said. An accomplice, Miao Ping, was also executed. Another Construction Bank employee, Wang Xiang, was executed for stealing $2.4 million in an unrelated case. Liang Shihan, an official at the Bank of China's branch in the city of Zhuhai, helped cheat his bank out of $10.3 million, Xinhua said... Entire Story Here