Chinese Ponzi schemer sentenced to death

A Chinese businesswoman has been sentenced to death for running a Ponzi scheme that defrauded investors of approximately US$70 million, The Wall Street Journal reported. Lin Haiyan, 39, began soliciting funds for a low-risk, high-return fund in 2007 that ultimately unraveled in 2011 with her owing large sums to her backers, according to a Chinese court statement. Lin was sentenced in the city of Wenzhou, known to be a center for entrepreneurship as well as a focal point for China’s vast underground banking system. The court says that Lin raised capital from friends, colleagues and neighbors.