Chinese bankers, wives sentenced to prison in $482 million bank fraud and embezzlement scam

Chinese bankers, wives sentenced in bank scam

LAS VEGAS — Two former Bank of China managers and their wives have been sentenced for their role in an elaborate plan to embezzle $482 million and launder the money in other countries.

A federal judge in Las Vegas on Wednesday sentenced Xu Chaofan to 25 years in prison and Xu Guojun to 22 years. Their wives, Kuang Wan Fang and Yu Ying Yi, were sentenced to eight years in prison.

The Department of Justice says all four were ordered to pay $482 million in restitution.

The four were found guilty of a racketeering conspiracy that began in 1991 and continued until October 2004. Prosecutors say the men laundered stolen money through Hong Kong, Canada and the U.S., including $3 million deposited at several Las Vegas casinos.

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