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China jails executives behind shadow banking Ponzi scheme: newspaper SHANGHAI (Reuters) – A court in China sentenced 10 people to prison for running “a 40 billion yuan ($5.84 billion) Ponzi scheme”, the collapse of which sparked protests by jilted investors and made headlines, state media reported on Thursday. Xu Qin, a founder of Zhongjin Capital and related companies, was given a life sentence by the Shanghai No. 2 Intermediate People’s Court on Wednesday, the official Shanghai Daily newspaper reported. The court gave nine others sentences ranging from five to 12 years, https://benanoren1975.wordpress.com it said. The Zhongjin empire grew quickly and even opened an imposing office on Shanghai’s historic – and expensive – Bund, luring eager investors seeking the double-digit returns it promised on short-term financing products, part of a then-thriving “shadow banking” sector. However, the image of riches and success that it cultivated came crashing down in early 2016. Police arrested 21 executives linked to Zhongjin, including Xu, on suspicion of “illegal fundraising”. The Shanghai Daily said Xu and the nine others who were sentenced on Wednesday had been unable to make a profit “so used online ads, offline promotions and TV commercials to convince people that Zhongjin companies were rich and reputable”. “They fabricated financing products with short-term, yet extremely high, returns to pull in investors,” it said. They had illegally collected 40 billion yuan, it said, and much of the money was spent cultivating an image of wealth and reputability. Xu was detained on April 4, 2016, attempting to board a flight out of Shanghai, the newspaper said.

For the original version including any supplementary images or video, visit https://www.reuters.com/article/us-china-crime-zhongjin/china-jails-executives-behind-shadow-banking-ponzi-scheme-newspaper-idUSKCN1M003H

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The first major newspaper in every state  and what they looked like when they were first started

Michigan’s oldest newspaper started publishing in Detroit on August http://rolanzuri1987.wordpress.com 31, 1809. This newspaper, like many in this time period, was very short lived. The first https://warinertennley1989.wordpress.com edition of The Michigan Essay: or the Impartial Observer featured information about the publication, a column called “foreign elligence,” some excerpts from newspapers in England and the Netherlands, as well as some news about American prisoners in South Africa. The Daily Appeal was first published on May 15, 1865 and was owned by E.F. McElwain, J. Barrett and Marshall Robinson, as well as edited by Henry Rust Mighels. While the first edition of The Daily Appeal could not be found, a later version from August 1st, 1866 showed local affairs, and many advertisements for items including livestock, or for motels. The New Hampshire Gazette was published for the first time on October 7, 1756. The first edition wrote that The New Hampshire Gazette would provide information and local news, both foreign and domestic, to the public. The New Jersey Gazette was founded by Isaac Collins in Burlington on December 5, 1777.

For the original version including any supplementary images or video, visit https://www.thisisinsider.com/first-newspaper-every-state-2018-8

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