Who'd want to be an adviser in China
Saturday, July 30th 2005, 12:04AM
A friend was recently in China and on his return he sent me a copy of an article he clipped out of the China Daily newspaper about how other countries treat advisers.
The story is fascinating: A female retiree was sentenced to a provisional death penalty for effectively giving shonky investment advice.
She was convicted of embezzling more than US$2 million from 180 "trusting victims".
Apparently she got people to hand over their savings which were put into stocks and the futures market.
And just to show how important education is, I'll quote this part of the article: "Yu assured investors she was university-trained in finance, though her schooling ended in middle school."
The paper reports she was offering annual interest rates of between 12 and 30%. (Too good to be true? Plenty of offers in the New Zealand market offering these sorts of returns).
It also reports "Yu strangely expressed her dissatisfaction with the ruling."
Read the article here
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