Ant scam exposed
With thanks to Harry Hutton, the BBC reported that a Chinese man has been sentenced to death for running a scam involving giant ants.
Wang Zhendong promised investors returns of up to 60% if they put money into the fictitious ant-breeding project. Wang raised 3bn yuan ($390m; £200m) in three years. The ants are used in traditional medicines and remedies in parts of China. Fifteen other staff members were fined and given jail terms of between five and 10 years. More than 10,000 investors signed 100,000 contracts with the company before the case was investigated in June 2005.
The death penalty is a little tough. In Western Australia he’d be regarded as an entrepreneur. He’d probably win a business award, be given the Order of Australia and have a political lobbyist on his payroll.
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