Bank of China Embezzlers Guilty of Laundering Millions of Dollars through U.S. Banks, Casinos

By Brian Monroe

A federal jury Friday convicted two former Bank of China managers and their wives of defrauding the institution of more than $485 million and laundering millions of dollars through U.S. banks and casinos. The U.S. Justice Department stated that Xu Chaofan and Xu Guojun face up to 65 years in prison after being convicted on 15 counts of racketeering, money laundering, transporting in stolen property and passport and visa fraud charges. Their wives, Kuang Wan Fang and Yu Ying Yi, face nearly 20 years in prison. Sentencing is scheduled for November 24. Court documents state the group siphoned money from...