Chinese Collapsed P2P Platform Founder Sentenced to Life Imprisonment

What’s new: The founder of what was one of China’s largest peer-to-peer (P2P) lending platforms was sentenced to life in prison for illegally taking over 102.6 billion yuan ($1.4 billion) of deposits from the public by fraudulent means.

On Friday, the Shenzhen Intermediate People’s Court handed down sentences for Peng Tie, founder and majority shareholder of Neo Capital Management Group Co. Ltd., as well as 25 other defendants involved in illegal fundraising by the company and its affiliates. They were fined and sentenced to jail terms between two to 11 years.