Wu Xiaohui's public judgment of the first instance of fund-raising fraud and occupational embezzlement
Xinhua News Agency, Shanghai, May 10th. On the 10th, the Shanghai No. 1 Intermediate People's Court issued a public judgment of the first instance on the defendant Wu Xiaohui's case of fund-raising fraud and occupational occupation, and sentenced Wu Xiaohui to 15 years in prison for the crime of fund-raising fraud.Four years of political rights, and a confiscation of RMB 9.5 billion in property; ten years of imprisonment for the crime of occupational embezzlement, and a fine of one billion yuan in confiscation of property, and a decision to implement eighteen years in prison, deprivation of political rights for four years,RMB 10.5 billion in property was confiscated, and illegal gains and their fruits were recovered. After the trial, it was found that: the defendant Wu Xiaohui concealed the actual control relationship of the equity, and took charge of Anbang Property Insurance Co., Ltd. (hereinafter referred to as Anbang Property Insurance Co., Ltd.), Anbang Group Co., Ltd.Bang Group), and successively served as the vice chairman of Anbang Property Insurance and the chairman and general manager of Anbang Group. From January 2011, Wu Xiaohui used Anbang Property Insurance and other companies as financing platforms to instruct others to use false materials to defraud the original Insurance Regulatory Commission for approval and continue to sell investment insurance products. From July 2011 to January 2017, Wu Xiaohui ordered others to use methods such as making false financial statements, disclosing false information, falsely increasing capital, fictitious solvency, concealing and concealing premium income, etc., to deceive regulatory agencies and the public in order to promise to repay the principalPaying interest and higher than the bank's deposit interest rate over the same period is a bait, and selling investment-type insurance products to the public beyond the scale approved by the original CIRC illegally absorbs huge amounts of funds. During the period, Wu Xiaohui transferred part of the over-raised insurance premiums to more than a hundred companies under his personal actual control in a false name, and used them for personal repayment of company debts, investment operations, and capital increase to Anbang Group.. In addition, the court also found that Wu Xiaohui took advantage of his position to illegally embezzle 10 billion yuan of insurance premium funds from Anbang Property & Casualty Insurance.After the incident, the public security organs seized and froze bank accounts, real estate, equity and other assets under the name of Wu Xiaohui and related companies actually controlled by him.
Shanghai No. 1 Intermediate People's Court held that the defendant Wu Xiaohui's behavior constituted the crime of fund-raising fraud and occupational embezzlement, and should be punished for several crimes in accordance with the law.The court made the above-mentioned judgment in accordance with the law based on the defendant's criminal facts, nature, circumstances and degree of social harm.
More than 50 people, including relatives of the defendant, journalists and representatives of the public from all walks of life, attended the verdict.
Previously, the Shanghai No. 1 Intermediate People's Court held a public trial of the first instance on Wu Xiaohui's case on March 28, 2018.The official Weibo of the Shanghai No. 1 Intermediate People’s Court posted excerpts of the main points of the trial in sections, disclosing the main facts and evidence of the crime, the opinions of the public prosecution and the defense of the defendant and his lawyer, etc.
