The Laundry Man by Kenneth Rijock ( Penguin/Random House UK)

Sunday, July 21, 2013


The late Zeng Changjie

Bernard Madoff, Scott Rothstein, and the other American fraudsters, count your blessings.
Hunan Businessman Zeng Changjie, convicted of fraud and "illegal fund-raising activities,' China's code word for a Ponzi scheme, was reportedly secretly executed last Friday, without affording him his legal right to say farewell to family members. Zeng, whose $460m Ponzi scheme is said to have imploded, leaving 57,000 victims, was given a lethal injection, but the details about his execution were suppressed in China.

Zeng has been referred to, in Chinese media, as its own version of Bernard Madoff.  Since 2011, it is estimated that there have been 4170 convictions in China, for Ponzi scheme operation, and many of those defendants have reportedly been executed, though statistics about such crimes are not published in China. We do not know how many of these individual were financial consultants who made bad investments, and later engaged in Ponzi activity, in an effort to cover up their losses. Apparently, execution does not seem to be deterring aspiring Ponzi schemers in the Peoples' Republic.

Zeng's daughter, protesting his death, and her denial of a final visitation with him

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