Bank of China workers 'convicted of $485m fraud'

4 September 2008

Two former Bank of China employees have been convicted of fraud in a US court.

Xu Chaofan and Xu Guojun, along with their wives, were found guilty by a Las Vegas jury for racketeering and laundering a total of $485 million from the firm between 1991 and 2004.

All four were also found to have transferred stolen property, as well as committed passport and visa fraud.

After laundering the money through a variety of institutions, including Las Vegas casinos, the two Bank of China workers then emigrated to the US and entered in to sham marriages to cover their tracks.

The bankers' convictions were announced by the US Department of Justice.

Acting Assistant Attorney General Matthew Friedrich said: "This three month trial showed, through the testimony of 34 witnesses and approximately 500 exhibits, the lengths to which the defendants went to conceal their activities.

"Overseas offenders who turn to the US as a safe haven, and who try to exploit our financial systems, can similarly expect to be prosecuted."

The court will pass sentence on November 24th.

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