15 years' jail for embezzling
( 2003-09-18 13:50) (China Daily)
Tao Hua, who abused his position by embezzling 90 million yuan (US$10.8
million) - the largest amount of money misappropriated in Shanghai in 2002 - was
sentenced to 15 years in jail on Tuesday by the Shanghai No 1 Intermediate
Court, Jiefang Daily reports.
Tao, 28, was born into a family of senior intellectuals and had been working
for a real estate company since graduating from Shanghai's Tongji University.
By taking advantage of the firm's lax operating procedures, Tao was able to
steal 5 million yuan (US$602,410) and set up a company of his own in May 2001.
Over time, Tao withdrew funds amounting to 87 million yuan (US$10.4 million)
from the real estate company, money he used to trade in stocks.
Tao admitted to all of his crimes after being arrested in August
2002.
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