Four guilty of casino conspiracy
Two former Bank of China managers and their wives have been convicted of conspiracy charges in an elaborate, 13-year scheme to embezzle US$485 million from the state-owned bank and launder the money in other countries.
Xu Chaofan and Xu Guojun, and their wives, Kuang Wanfang and Yu Yingyi, were found guilty in a Las Vegas court of racketeering, money laundering and conspiracy to transport stolen money. The bankers also were convicted of visa fraud, and their wives convicted of passport fraud.
The indictment also charged Kwong Wa Po, who remains a fugitive.
Federal prosecutors had accused the five of taking part in a racketeering conspiracy that began in 1991 and continued until October 2004, when the two former bank managers and their wives were placed under arrest.
Yu Zhendong, another former manager who participated in the scheme, earlier pleaded guilty to racketeering charges and cooperated with the investigation. In 2004, United States officials handed him over to Chinese authorities under a promise he wouldn't be executed.
Prosecutors said the three former bankers used their posts at a Bank of China branch to approve phony loans and money transfers. They said the bankers tried to launder more than US$3 million by making deposits at several Las Vegas casinos. The casinos were not accused of any wrongdoing.
Prosecutors said the bankers' wives helped launder the stolen money, entered the US illegally, and received US citizenship and passports through deceit. The judge is scheduled to sentence the defendants on November 24.
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