Court Upholds Conviction of Chinese Bankers, Wives - 8 News NOW

Court Upholds Conviction of Chinese Bankers, Wives

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LAS VEGAS (AP) -- An appeals court is upholding the 2009 conviction of two former Bank of China managers and their wives for racketeering, money laundering and conspiracy to transport stolen money.

But the U.S. Court of Appeals for the Ninth Circuit, in San Francisco, sent the case back for resentencing. It said more justification was needed.

A U.S. District Court judge sentenced Xu Chaofan to 25 years in prison and Xu Guojun to 22 years. He sentenced their wives, Kuang Wan Fang and Yu Ying Yi, to eight years. The judge also ordered the four to pay $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.

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