Word: fraud
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...named on one of the country's rich lists. Of course, such an honor can also be an indicator that you will soon disappear for a long, long time. In recent years the rankings of China's wealthiest have included several prominent tycoons who have later been jailed on fraud and corruption charges...
...latest candidate for such a fall is Wong Kwong Yu, 39, the chairman of mainland electronics retailing giant Gome. Wong, named by the Hurun Report last month as China's richest man with an estimated net worth of $6.3 billion, was detained last week on suspicion of fraud, Chinese media reported. According to a report in the financial magazine Caijing, Wong (his name is also spelled Huang Guangyu) is being investigated for manipulating the share prices of Shanghai-listed Shandong Jintai Group, a medical company controlled by his brother, Wong Chung-yam. (See pictures of what money...
...government launched an investigation into loan fraud charges brough against Wong. A year later, Gome announced that the investigation was completed, and its founder was never charged. His recent troubles make him the latest high-profile tycoon to run afoul of authorities. The ranks of recent years' rich lists read like a police blotter. In 2003 Yang Bin, an agribusiness and real estate tycoon once named the mainland's second-richest man, was convicted of tax evasion and sentenced to 18 years in prison. Gu Chujun, once head of a leading appliance company, was ranked China's 20th richest businessperson...
...Managua Mayoral Vote Causes Chaos The contested outcome of Nov. 9's mayoral elections has sparked violent clashes in Nicaragua's capital, with supporters of President Daniel Ortega's victorious Sandinista Party hurling rocks, blocking roads and firing homemade mortars at demonstrators gathered to denounce alleged voter fraud. The opposition, led by Ortega's 2006 election rival, Eduardo Montealegre, vowed to continue its protests while appealing to international observers. The U.S. State Department and a U.S.-based election-monitoring group have expressed concern over reports of voting irregularities...
...Taylor Loft promotes the fact that most of its clothes are now washable. And if you suffer buyer's remorse, more than half of retailers say their holiday return policies will be more lenient than usual, up from 35% who said so last year, according to NRF's return-fraud survey...