Two executives of the Chinese peer-to-peer lender Ezubao who directed a large Ponzi scheme were sentenced to life imprisonment by a Beijing court on Sept. 12.
Ezubao, the online peer-to-peer lending platform, shut down last year after raising more than 50 billion RMB ($7.6 billion) from about 900,000 investors.
Ding Ning, Ezubao’s founder and chairman of the platform’s holdings company Anhui Yucheng, was fined 100 million RMB in addition to his life sentence. He has been charged with fraud and crimes including precious metals smuggling and illegally possessing firearms.
Ding Dian, the brother of the chairman, was also sentenced to life and fined 70 million RMB ($10.7 million).
Twenty-four others involved in the scam were jailed for three to 15 years.