Life imprisonment!, Peng Iron Group | Peng Iron | Life imprisonment
The main culprit of the "Little Cow Capital" illegal fundraising case has been sentenced to life imprisonment for illegally absorbing deposits of 102.6 billion yuan
On the 14th, the Shenzhen Intermediate People's Court publicly announced the first instance verdict on the illegal fundraising case involving 26 individuals, including Peng Tie, the main person in charge of Xiaoniu Capital Management Group Co., Ltd. Peng Tie, the legal representative and actual controller of Xiaoniu Group, was sentenced to life imprisonment, deprived of political rights for life, and confiscated of all personal property for the crimes of fundraising fraud and illegal absorption of public deposits. The other 25 defendants were sentenced to imprisonment ranging from 11 to 2 years and fined for their involvement in fundraising crimes.
The court's trial found that from January 2013 to January 2021, Peng Tie and others illegally absorbed 102.6 billion yuan in public deposits from 1.31 million people through P2P online loans and private wealth management products after establishing subsidiaries such as Xiaoniu Group, "Xiaoniu Investment", "Xiaoniu New Wealth", and "Xiaoniu Fund", of which 12.6 billion yuan was outstanding. During this period, six individuals including Peng Tie and Peng Gang continued to engage in illegal fundraising activities despite knowing that the group's funding gap was huge and the bad debt rate was abnormally high. They mainly used the raised funds for repayment of principal and interest, as well as Peng Tie's personal disposal, resulting in a fundraising fraud of 8.934 billion yuan.
The court believes that the criminal acts of Peng Tie and others have caused huge property losses, seriously disrupted the national financial regulatory order, and the criminal circumstances and consequences are particularly serious. The court shall make the above judgment in accordance with the facts, nature, circumstances, and degree of social harm of each defendant's crime.
After Peng Tie and others were brought to justice, the public security organs made every effort to recover assets such as funds, stocks, equity, and property involved in the case. The assets that have been recovered will be returned to the fundraising participants in accordance with the law after the judgment takes effect.