Minsheng Bank Fined Record $4 Million for Wealth Management Fraud

China’s banking regulator fined China Minsheng Bank, the country’s largest privately owned bank, for selling 1.65 billion yuan ($249 million) of fake wealth management products.

The bank was ordered to pay a fine of 27.5 million yuan ($4.16 million), the biggest fine imposed on a bank. In addition, 13 bank executives and employees were handed penalties including fines and bans from the banking industry, according to a statement released Thursday by the Beijing office of the China Banking Regulatory Commission (CBRC).