Two Former Executives of P2P Lending Platform Sentenced to 20 Years in Prison

What’s new: Two former executives at a now-collapsed Chinese online lending platform were sentenced to 20 years in prison and fined 92 million yuan ($13.2 million) for fundraising fraud, illegal collection of public deposits and manipulating the securities market, state broadcaster CCTV reported Thursday.

Tang Jun, former chairman of online peer-to-peer (P2P) lending platform Tuandai.com, and Zhang Lin, former general manager of the company, were among 47 people sentenced in the case by the Dongguan Intermediate People’s Court in southeastern China’s Guangdong province.