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US Court Upholds Conviction of Chinese Bankers, Wives

4 January 2013

An appeals court in San Francisco has upheld the 2009 conviction of two former Bank of China managers and their wives for racketeering, money laundering and conspiracy to transport stolen money. A US District Court judge sentenced Xu Chaofan to 25 years in prison and Xu Guojun to 22 years and their wives to eight years. The judge also ordered the four to pay US $482 million in restitution. Thursday’s ruling affirmed the defendants’ role in a scheme to embezzle hundreds of millions from the state-owned bank and launder the money around the world, including in Las Vegas casinos.—AP