Chineese 485-million-dollar fraud

Bank of China Limited (BOC) SSE: 601988 SEHK: 3988 (simplified Chinese traditional Chines is one of the big four state-owned commercial banks of the People's Republic of China. It was founded in 1912 by the Government of the Republic of China, to replace the Government Bank of Imperial China. It is the oldest bank in China.

From its establishment until 1942, it issued banknotes on behalf of the Government of the Republic of China along with the "Big Four" banks of the period: the Central Bank of China, Farmers Bank of China and Bank of Communications. Although it initially functioned as the Chinese central bank, in 1948 the People's Bank of China replaced it in that role. Subsequently, BOC became a purely commercial bank

Bank of China managers and their wives were handed lengthy jail terms on Wednesday for their roles in a 485-million-dollar
fraud, US justice authorities said.

The two men, Xu Chaofan and Xu Guojun, were convicted by a federal jury in Las Vegas last August of masterminding an elaborate plot that saw them attempt to embezzle hundreds of millions of dollars.

Xu Chaofan was sentenced to 25 years in prison while Xu Guojun was handed a 22-year jail term. Both wives of the men received eight years in prison each and all four were ordered to pay 482 million dollars in restitution.

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