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Xu Qin, a founder of Zhongjin Capital and related companies, was given a life sentence by the Shanghai No. 2 Intermediate People’s Court on Wednesday, the official Shanghai Daily newspaper reported. The court gave nine others sentences ranging from five to 12 years, it said. The Zhongjin empire grew quickly and even opened an imposing office on Shanghai’s historic – and expensive – Bund, luring eager investors seeking the double-digit returns it promised on short-term financing products, part of a then-thriving “shadow banking” sector. However, the image of riches and success that it cultivated came crashing down in early 2016. Police arrested 21 executives linked to Zhongjin, including Xu, on suspicion of “illegal fundraising”. The Shanghai Daily said Xu and the nine others who were sentenced on Wednesday had been unable to make a profit “so used online ads, offline promotions and TV commercials to convince people that Zhongjin companies were rich and reputable”. “They fabricated financing products with short-term, yet extremely high, returns to pull in investors,” it said. They had illegally collected 40 billion yuan, it said, and much of the money was spent cultivating an image of wealth and reputability. Xu was detained on April 4, 2016, attempting to board a flight out of Shanghai, the newspaper said. The 10 people sentenced still owed more than 12,000 investors more than 4.8 billion yuan, it said.
For the original version including any supplementary images or video, visit https://www.reuters.com/article/us-china-crime-zhongjin/china-jails-executives-behind-shadow-banking-ponzi-scheme-newspaper-idUSKCN1M003H
Sac State’s newspaper is discontinuing its print edition and moving everything online | The Sacramento Bee Sacramento State Downtown will be at the ‘heart of everything’ they do New Sacramento State Downtown facility opens on S Street on Tuesday, August 28, 2018 as an anchor institution. New Sacramento State Downtown facility opens on S Street on Tuesday, August 28, 2018 as an anchor institution. Sac State’s newspaper is discontinuing its print edition and moving everything online The State Hornet, Sacramento State’s weekly newspaper, announced Thursday it will be ending its print circulation and moving fully online by the beginning of the next academic year. According to Claire Morgan, the editor in chief of the State Hornet — and an intern at the Sacramento Bee — the move is because of dwindling numbers of people picking up the paper. “There’s not a lot of engagement with our print products,” Morgan said. Last year, the State Hornet won a Pacemaker — an award given by The Associated Press for exceptional journalism. This year, the paper has been nominated for another award. No one covers what is happening in our community better than we do. And with a digital subscription, you’ll never miss a local story.
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NORWAY — The Advertiser Democrat and Norway Bureau of the Sun Journal are moving. As of Sept. 19, the offices will be on the first floor at 220 Main St., the red house across from Guy E. Rowe Elementary School and next to Smokin’ Dave’s BBQ. The Pikes Hill Road office will be closed Sept. 19, 20 and 21 as members of the staff move into new quarters. There will be on-street parking at the new site, although during the hours that school begins and ends, parking may be difficult. Sign up and get all the news you need to get through the day.
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