Female White-Collar Crime Divas-Mordern Day Thieves

Woman Sentenced to Death – $4 Billion


“Neither in war nor yet at law ought I or any man to use every way of escaping death. . . . The difficulty, my friends, is not to avoid death, but to avoid unrighteousness.” Socrates

This was totally shocking to me . . . to hear that a person is sentenced to death for a white-collar crime (money) and a female at that. Law is not sexist, or is it? But, in eastern China, the CrimeDiva of the day, Lin Haiyan, 39, was handed the death penalty by the Intermediate People’s Court in Wenzhoue province of Zhejiang, Ms. Haiyan was convicted of “illegal fundraising” on the city’s unofficial money markets (black market). This is the equivalent to what Americans call loansharking.

According to officials, Ms. Haiyan illegally raised 640 million yuan (U.S.$104.1 million) and misappropriated 428 million yuan (U.S.$69.6 million) of that amount, but the actual defrauding, which cannot be returned is 4.28343 billion yuan. Ms. Haiyan set up Wenzhou Xinfu Investment Consulting Co. in May 2008, raising money from more than 20 investors between 2007 and 2011 by promising high returns. She then used all the money to buy stocks and futures, which resulted in huge losses. She was also found guilty of acting as a trading agent for Hong Kong-based online broker Quam Securities without “authorization” from the appropriate government departments.

Just months earlier, Wang Calping, a 30-year-old Chinese woman, was sentenced to death by a court in Wenzhou for “cheating” investors of 100.11 million yuan (10 million pounds) losing 94 million yuan in futures and gold trading. Ms. Calping will do two years in prison while her case goes before the People Supreme Court for review. If it is not overturned she will be put to death.

And, just a few years earlier, another female, Wu Ying, 31, of Zhejiang was sentenced to death in December 2009 by the Jinhua Intermediate People’s Court in Zhejiang for cheating investors out of $60.2 million. Ms. Wu, the founder of Bense Holding Group. She raised $122 million from investors between 2005 and 2007, according to official reports. Wu Ying case ignited an enormous outcry in China, especially on the Internet, and strengthened public criticism of the death penalty. Last year The People’s Supreme Court in Beijing overturned Ms. Ying death sentence conviction.

The death penalty is very common in China (last year over 1700 were put to death), and for less serious offends. You would think that this would be a deterrent to crime, especially white-collar crimes, but it isn’t. Financial fraud and corruption is wide-spread in China. So, for those of you who think our country should adopt this as a way to stop white-collar crime, it’s not the answer and would only serve to create yet another cruel problem.

Next week, I will have some interesting articles, and information about how the sentencing guidelines for federal crimes are broken down. When an individual commits a white-collar crime–there are usually several offends the defendant can be charged with. This is the platform for legal stratagem used by prosecutors to obtain plea agreements. It makes you wonder if the system is about getting convictions, rather than justice.

Watch out for more CrimeDivas, with some unusal white-collar crimes- coming soon!

Have you purchased your CrimeDiva T-Shirt or cap? Why not order one today and help support the awareness against white-collar crime, click here to learn more.

Also, order one of DeVine’s Crime Books – print or eBook and read about how easy it is to be incarcerated, click here.

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Check-pointDecember 31st, 2016
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