Chinese man with fake US bank claim gets lifeNovember 19, 2013 @ 6:29 pm
BEIJING (AP) - A Chinese rice trader who shot to fame last year over a bogus claim that he had purchased a U.S. bank was sentenced Tuesday to life in prison on conviction of falsifying invoices to evade taxes.
An Intermediate Court in the eastern Chinese city of Wenzhou issued the verdict against Lin Chunping, saying he had evaded several millions of dollars in taxes through writing false invoices between September 2011 and May 2012.
Lin shot to fame in early 2012 when state media reported that he had taken over a Delaware-based bank for $60 million, and the unprecedented acquisition brought him praise and a political appointment to a municipal advising body.
Overseas acquisitions are a point of pride in China, showcasing its rising economic power. Lin's supposed purchase of an American bank was particularly appealing because it signaled both Chinese triumph and U.S. decline.
The story attracted so much attention that Chinese journalists familiar with U.S. banking regulations checked into the legitimacy of Lin's claims, and the bank turned out to be nonexistent. By June, Lin was arrested on suspicion of the tax fraud.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
The 'White' Word
WWU's president defends his race-related comments to Dave Ross
Dori Monson says he loathes new taxes, but this one needs to happen
Please login below with your Facebook, Twitter, Google+ or Disqus account. Existing MyNorthwest account holders will need to create a new Disqus account or use one of the social logins provided below. Thank you.