Ex-BOC managers guilty in $485m fraud plot in US

Two former managers at Bank of China and their wives were convicted of conspiracy charges in a federal court in Las Vegas for a 13-year plot to embezzle and launder US$485 million from a Chinese state-owned bank, AP reported. Bankers Xu Chaofan and Xu Guojun and their wives, Kuang Wanfang and Yu Yingyi, were found guilty of racketeering conspiracy, money-laundering conspiracy and conspiracy to transport stolen money between 1991 and 2004, when they were arrested. Prosecutors said Xu Chaofan and Xu Guojun tried to launder US$3 million through deposits at several casinos in Las Vegas. The bankers were also convicted of visa fraud, and their wives of passport fraud. They will be sentenced on November 24.