Core Viewpoint - The Hunan Provincial High Court upheld the first-instance ruling against Pan Jibiao and 18 others for illegal fundraising, confirming their sentences and marking the case as final [1][2]. Group 1: Case Details - The first-instance ruling sentenced Pan Jibiao to life imprisonment for multiple crimes including fundraising fraud and money laundering, while the other 18 defendants received prison terms ranging from five to twenty years [1][2]. - The defendants raised over 911 billion yuan through fraudulent investment schemes, promising high returns, which led to economic losses exceeding 129 billion yuan for investors [3]. Group 2: Company Background - Hunan Shengda Jinxiy Financial Services Co., Ltd., founded by Pan Jibiao, operated without the necessary licenses to accept public deposits, despite claiming to offer wealth management and financial advisory services [5]. - The company promised annual returns of 12% to 14% to investors, but was classified as a non-licensed financial institution by local regulatory authorities [5]. Group 3: Events Leading to Legal Action - In November 2022, the company announced difficulties in repaying investors due to economic conditions and the disappearance of its founder, prompting regulatory investigations [8][9]. - Following Pan Jibiao's disappearance, rumors circulated about the company's potential flight from obligations, leading to significant unrest among employees and investors [9][10].
非法集资911亿 “金融大鳄”被判无期！还犯洗钱、偷越国境罪等