Ponzi

April

Read

Tycoon

Once China’s second-richest man was sentenced to six years in prison in Singapore for orchestrating a fraudulent crypto investment scheme. 
Tycoon Yang Bin, a Chinese-Dutch national and the second-richest man in <a href="https://crypto.news/tag/china/" target="_blank" rel="noreferrer noopener">China</a> by Forbes for 2001, was sentenced to six years in prison in <a href="https://crypto.news/tag/singapore/" target="_blank" rel="noreferrer noopener">Singapore</a> and fined S$16,000 (around $12,200) on Monday, Aug. 26 for leading a multi-million-dollar Ponzi scheme masquerading as a crypto investment operation, per a <a href="https://www.channelnewsasia.com/singapore/yang-bin-jail-six-years-ponzi-scheme-crypto-mining-chinese-tycoon-4567521" target="_blank" rel="">report</a> from CNA. 
Yang, who founded A&amp;A Blockchain Innovation in April 2021 without a valid work permit, falsely claimed the company owned 300,000 cryptocurrency mining machines capable of delivering daily returns of 0.5% to investors. In reality, however, these machines did not exist, and Yang utilized funds from new investors to pay for the earlier ones. 
 You might also like: <a href="https://crypto.news/taiwanese-court-convicts-spies-paid-in-crypto-by-china/"> Taiwanese court convicts spies paid in crypto by China </a> 
The scheme, which promised investors returns from mining cryptocurrencies, reportedly attracted over 700 participants who invested about S$6.7 million (over $5 million) between May 2021 and February 2022. Yang’s company operated a money circulation scheme, and he instructed co-accused Wang Xinghong to develop an app that faked investment returns. 
Yang pleaded guilty to eight charges, including conspiracy to cheat and operating without a valid work permit. Deputy public prosecutor Wong Shiau Yin emphasized Yang’s pivotal role in the scheme and the lack of restitution for victims. District Judge Brenda Chua highlighted Yang’s significant culpability compared to his co-accused, whose legal proceedings are ongoing. 
Yang, who was previously involved in the textile industry in China, was also <a href="https://web.archive.org/web/20021020022943/http://www.time.com/time/world/article/0,8599,356131,00.html" target="_blank" rel="">appointed</a> by North Korea in 2002 to oversee the economic development of the Sinŭiju Special Administrative Region. However, he was soon <a href="https://www.theguardian.com/world/2003/jul/15/china.jonathanwatts" target="_blank" rel="">placed</a> under house arrest by Chinese authorities on tax evasion charges in November of that year. 
 Read more: <a href="https://crypto.news/china-extradites-suspect-in-14b-crypto-pyramid-scheme-from-thailand/"> China extradites suspect in $14b crypto pyramid scheme from Thailand </a>

Second-richest man in China jailed for six years over $5m crypto fraud: report

crypto.news

Other articles published on Aug 26, 2024

Binance Futures Releases New Listing Announcement! Here Are the Altcoins Listed with 75x Leverage!

Rumble CEO Exits Europe After Telegram’s Pavel Durov Arrest

Binance Executive Bedridden After Six Months in Nigerian Detention

Crypto Investors Watch Economic Calendar

How Sahil Arora Netted $3M with Celeb Token Pump-and-Dump Schemes

XRP Price Prediction: 10x Gains or Risks 50% Crash Amid Appeal Dilemma

Join our free newsletter for daily crypto updates!