LAS VEGAS (AP) Two former Bank of China managers and their wives have been convicted of conspiracy charges in an elaborate, 13-year scheme to embezzle $485 million from a state-owned bank and launder the money in other countries.
Former bankers Xu Chaofan and Xu Guojun, and their wives, Kuang Wan Fang and Yu Ying Yi, were found guilty Friday in U.S. District Court in Las Vegas of racketeering conspiracy, money laundering conspiracy and conspiracy to transport stolen money. The bankers also were convicted of visa fraud, and their wives were convicted of passport fraud.
The indictment also charged Kwong Wa Po, the brother of defendant Kuang Wan Fang, who remains a fugitive.
Federal prosecutors accused the five of participating in a racketeering conspiracy that began in 1991 and continued until October 2004, when the two former bank managers and their wives were arrested. Prosecutors said the bankers tried to launder more than $3 million by making deposits at several Las Vegas casinos.