Zhou Shiping, a China Hongling Investment Director, who is known as the "godfather of online loan", was sentenced to life imprisonment for suspected illegal absorption of more than 100 billion yuan in public deposits.The Guangdong Provincial Court ruled the appeal on Thursday (May 9) and maintained the original judgment.
The Guangdong Higher People's Court reported on the official WeChat public account on Thursday.Appeals, maintain the original judgment.
The Shenzhen Municipal Intermediate People's Court on December 7 last year was convicted of fund -raising fraud and illegally absorbing public deposits.People have been sentenced to 11 to two and a half years in prison and fined.After the first trial was sentenced, Zhou Shiping's nine defendants appealed.
The Guangdong Provincial Court heard that Zhou Shiping used the "Hongling Venture Capital" platform from March 2009 to September 2021 to keep the principal and interest and pay high returns as a bait.Illegally absorb more than 109 billion yuan (RMB, the same, about S $ 20.5 billion) to more than 480,000 people.During the period, Zhou Shiping knew that the company had a huge funding gap and still released illegal fundraising of false standards. Illegal raising funds were used to return the principal and interest of financing projects, maintaining the company's operations and individual spoiled.
The Guangdong Provincial Court believes that the judgment of the first instance determines that the facts are clear, the evidence is true, sufficient, accurate conviction, appropriate sentencing, and legal trial procedures.
It is understood that after the return of equal people in the Zhou Shi, the public security organs made every effort to carry out the recovery of assets such as funds, equity, and real estate involved in the case.The assets that have been recovered at present will return the fundraising participants after the judgment is effective.
Public information shows that 56 -year -old Zhou Shiping founded the Chinese online lending platform Hongling Venture Capital in March 2009. After more than four years, it has developed into an industry leader.During the peak, the cumulative transaction scale of Hongling Platform exceeded 450 billion yuan, which was far ahead of a crowd of competitors. Zhou Shiping was also known as "the godfather of online loan".
