Judgment of the first instance in the fund-raising fraud

On the morning of January 16, 2019, the First Intermediate People’s Court of Shanghai publicly s

entenced 15 defendants, including Shanghai Quick Deer Investment (Group) Co., Ltd., Shanghai Changning Donghongqiao Small Loan Co.,

Ltd., Shanghai Donghongqiao Financing Guarantee Co., Ltd. and defendants, Huang Jiaqian, Wei Yanping, Zhou Mengmeng, Xu Qi (American nati

nality), to collect funds fraudulently and illegally absorb public deposits. In a series of cases, the Fast Deer Group, Donghongqiao Small Credit Company and Do

nghongqiao Guarantee Company were fined RMB 1.5 billion, 200 million and 200 million yuan respectively for fund-raising fraud; Huang Jiaqian and Wei Yanping were sentenced to life imprisonment and

fine for fund-raising fraud and illegal absorption of public deposits; Xu Qi was also sentenced to 13 years’imprisonment for fund-raising fraud and illegal a

bsorption of public deposits. Fines; the remaining 12 defendants, such as Zhou Mengmeng, were sentenced to 15 to 9 years’imprisonment and fines for the crime of fund-raising fraud.

From September 2013 to August 2015, Shi Jianxiang (another case) set up a fast deer group with

the core of personal control and unified management of Donghongqiao Small Credit Company, Donghongqiao G

uarantee Company, Jinlu Family, Tianjin Family and China Sea Investment Family to implement illegal fund-raising activities.

From March 2014 to April 2016, Shi Jianxiang ordered Donghongqiao Small Credit Company to provide false creditor’s rights, Donghongqiao Guarantee Com

pany to match false guarantee letters, and then packaged into various financial products by Jinlu Financing Platform, together with fund products issued

by CITIC Financing Platform without approval of relevant departments, to hold promotion meetings and send leaflets. And Internet advertising, ran

dom phone calls, hosting or sponsoring performances through stores, the Internet and other channels to publicize and sell to the public, thus raising a total

of 43.4 billion yuan illegally. All the above illegal fund-raising proceeds were transferred to the bank accounts actually controlled by Shi Jianxiang and

Quick Deer Group. Except for over 28.2 billion yuan, which was used to pay the principal and interest of investors in the earlier period, the remaining fund

s were used to pay operating expenses, equity acquisition and film and television investment, transfer to overseas and purchase vehicles, and pe

rsonal profligacy and embezzlement. By the time the case was committed, the actual economic losses in the case amounted to more than 15.2 billion yuan.

According to the First Shanghai Intermediate Court of Justice, the three defendant units and 15 persons directly in charge, such as Huang Jiaqian, and other persons

directly responsible, have used fraudulent methods to raise funds illegally for the purpose of illegal possession, and their acts have all constituted the

crime of fund-raising fraud, and the amount is especially huge. Xu Qi, the defendant, also violated the relevant state regulations by illegally absorbing pub

lic deposits and disrupting the financial order. His actions constitute the crime of illegally absorbing public deposits, and the amount is huge. The illegal fund-ra

ising activities of the above-mentioned defendant units and defendants caused huge economic losses to nearly 40,

000 victims, seriously undermined the national financial order and seriously endangered the national financial security. In light of the facts, nature, circu

mstances and degree of social harm of the case, the above-mentioned judgment was made in accordance with the law.

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A mentally ill man who escaped supervision in Yongzhou

On January 14, a psychiatric patient escaped from a psychiatric hospital in Yongzhou City, Hu

nan Province. Police said he suffered from schizophrenia and had a serious tendency to violence.

At about 1 noon on January 15, the psychiatric patient was prosecuted and sent back to Yongzhou Psychiatric Hospital for compulsory medical treatment.

On January 15, according to the Propaganda Department of the Lingling District Committee, Deng Xinliang, a compulsory psy

chiatric patient who escaped supervision in Yongzhou Psychiatric Hospital, was searched at about 1 noon.

(Male, 46 years old, Qiliqiao Town, Qiyang County) was prosecuted in Hengshan Servic

e Area of Beijing-Hong Kong-Macao Expressway and sent back to Yongzhou Psychiatric Hospital for compulsory medical treatment.

Earlier, the Lingling Branch of Yongzhou Public Security Bu

reau issued an emergency joint investigation notice on January 13, saying that it was about 16.45 p.m. on the 13th.

A psychiatric patient named Deng Xinliang escaped from the 6th floor of the first ward of

Yongzhou Psychiatric Hospital. He suffered from schizophrenia and had a serious tendency to violence.

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