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China Fuyuan Beauty Salon Chairman Sentenced to 16 Years Jail for $143 Million Illegal Public Fundraising & Fraud, Promoted High Return Equity Investments to Public & Employees
29th December 2022 | Hong Kong
China Fuyuan Beauty Salon Chain Chairman Chen Xingquan had been sentenced to 16 years jail for running a $143 million (CNY 1 billion) illegal public fundraising & fraud, promoting high return equity investments to public & employees (2013 to 2019). In China, Fuyuan Beauty Salon Chain operated around 300 stores and franchised around 3,000 locations. The China court in the written judgement reveals that $34.4 million (CNY 240 million) had been repaid to investors, with investors suffering a loss of around $117 million (CNY 820 million).
“ China Fuyuan Beauty Salon Chairman Sentenced to 16 Years Jail for $143 Million Illegal Public Fundraising & Fraud, Promoted High Return Equity Investments to Public & Employees “
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China Fuyuan Beauty Salon Chairman Sentenced to 16 Years Jail for $143 Million Illegal Public Fundraising & Fraud, Promoted High Return Equity Investments to Public & Employees
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