Xinhua News AgencyNovember 30, 2013 05:16
HANGZHOU, Nov. 30 (Xinhua) -- A man has been sentenced to life in prison for orchestrating a Ponzi scheme involving more than 30 million yuan (4.9 million U.S. dollars), a court in southeast China's Zhejiang Province said on Saturday.
Wang Xiaoqing, 30, collected money by offering double-digit interest rates, the Intermediate People's Court in the city of Quzhou said.
Wang told investors that the funds would be used to build a hotel.
Most of the money was spent on paying interest and on Wang's extravagant lifestyle, the court said.