Update: Chinese Businessman Qin Pleads Guilty to Straw Donor Scheme

(Bloomberg) — A Chinese businessman who lives in the United States pleaded guilty to charges that he made illegal campaign contributions of $11,600 in a New York City race and to congressional candidates in New York and Rhode Island.

Qin Hui, the billionaire owner of SMI Holdings Group Ltd., an investment holding company that operates movie theaters in China, pleaded guilty Monday in federal court on New York’s Long Island. Qin, 56, admitted that he gave other people money to make contributions in their names rather than his.