Misappropriation of 1.85 million public funds, fraud of 3.9 million subordinates, etc! Being sentenced to 16 years is too bold! Bank Branch President Addicted to Gambling | Online | Branch

Release time:Apr 14, 2024 23:07 PM

The head of a branch of a rural commercial bank was sentenced to severe imprisonment for being addicted to online gambling and engaging in the misappropriation of large amounts of public funds and deceiving others.

Recently, the official website of the State Administration for Financial Regulation revealed that Shanxi Yangcheng Rural Commercial Bank and its Hebei branch, along with 18 relevant responsible persons, received a fine. The main illegal and irregular facts of the relevant entities include "non-standard salary management behavior, unapproved major related party transactions, and illegal loan issuance.". In response, the Jincheng Supervision Branch of the State Administration for Financial Regulation imposed fines of 1 million yuan and 300000 yuan respectively on Shanxi Yangcheng Rural Commercial Bank and Hebei Branch, and ordered them to make corrections; 17 responsible individuals were warned and punished, and Huo Binfeng was banned from working in the banking industry for life.

After consulting the judgment document website, a journalist from China Securities learned that Huo Binfeng is the president of a branch of Shanxi Yangcheng Rural Commercial Bank. In January 2021, he was criminally detained by the Yangcheng County Public Security Bureau on suspicion of committing fraud. In November of the same year, the People's Court of Yangcheng County, Shanxi Province, convicted Huo Binfeng of fraud and embezzlement of public funds, and decided to sentence him to 16 years in prison. The root cause of his committing this series of crimes is due to Huo Binfeng's addiction to online gambling, which resulted in him being heavily in debt.

The branch manager became addicted to gambling and misappropriated 1.85 million yuan of public funds

In November 2021, a criminal judgment disclosed by the People's Court of Yangcheng County, Shanxi Province, showed that Huo Binfeng was appointed as the head of a branch of a bank in Yangcheng in April 2019, and was dismissed from his position as branch head in June 2020. In August of the same year, he was dismissed and his labor contract was terminated.

The bank mentioned in the above judgment in Yangcheng is a joint-stock company with state-owned capital participation. According to the administrative penalty released on the official website of the State Administration for Financial Regulation recently, it can be inferred that the bank where Huo Binfeng is located is Shanxi Yangcheng Rural Commercial Bank.

In May 2019, Yangcheng Rural Commercial Bank launched the "Salary Easy Loan" loan service, which is a loan issued to formal employees of government agencies, public institutions, state-owned enterprises, banks, insurance, securities and other units within the service area of Yangcheng Rural Commercial Bank for household consumption. The loan is carried by a credit card, with a maximum credit term of 3 years and a credit limit of 2 or 3 times the borrower's total salary in the previous year. The loan product processing process includes investigation, review, and approval, among which the approval process is the responsibility of each branch president.

The court found that from June to November 2019, during his tenure as the president of a branch of Shanxi Yangcheng Rural Commercial Bank, Huo Binfeng used his position of responsible for business management, loan approval, and other conveniences to only assist in completing loan tasks and not assume any repayment responsibility. He obtained relevant information from 10 relatives and friends, including Cao and Wang, who were unaware of the truth, and then applied for a "Salary Easy Loan" loan at a branch of the bank.

In order to ensure that four of the personnel met the loan requirements, Huo Binfeng also issued four false salary certificates to the bank. Subsequently, Huo Binfeng used a total of 1.8498 million yuan from the loans of the ten individuals for personal use in online gambling activities. As of the incident, there were still 1.8273 million yuan that he was unable to repay.

Multiple fraudsters totaling 3.9 million invested in gambling

In addition to using false methods to obtain loans for online gambling, Huo Binfeng also has the crooked intention of defrauding others.

During his tenure as the president of a branch of Shanxi Yangcheng Agricultural and Commercial Bank from April to May 2020, Huo Binfeng used the pretext of loan turnover and helping to complete savings tasks to fraudulently obtain a total of 3.9 million yuan in cash from six individuals including Yuan Moujia and Yang Moujia, all of which were used for online gambling. Prior to the incident, 430000 yuan had already been refunded through oneself or others.

Specifically, the judgment document mentions that Huo Binfeng fraudulently obtained 250000 yuan from a branch employee of Yangcheng Rural Commercial Bank, Yuan Moujia, and 150000 yuan from a branch employee, Yuan Mouyi, under the pretext of loan turnover. The person who was most deceived was Wang Moujia, who lives in Fengcheng Town, Yangcheng County. Huo Binfeng defrauded him under the pretext of helping to complete the savings task, involving a total amount of up to 1.5 million yuan. Before the incident, Huo Binfeng had already returned 200000 yuan.

The prosecution authorities have provided a series of evidence to prove the above facts, including a description of Huo Binfeng's case, a notice of leniency in confession and punishment, a QR code for Huo Binfeng's participation in online gambling, a series of customer detailed accounts and loan transfer receipts provided by the victim, and other physical and personal evidence.

After being tried by the court, it was found that in fact, Huo Binfeng had been involved in online gambling as early as the end of 2018, resulting in him being heavily in debt. Subsequently, Huo Binfeng took advantage of his position as the head of a branch of Shanxi Yangcheng Rural Commercial Bank, misappropriated public funds, and fraudulently obtained other people's property under the pretext of loan turnover and helping to complete savings tasks, all of which were used for online gambling.

Huo Binfeng, as the defendant, has no objection to the facts and charges charged by the prosecution, and has signed a statement. He also has no objection during the trial.

Punished for multiple crimes and sentenced to 16 years

The People's Court of Yangcheng County, Shanxi Province believes that Huo Binfeng, with the purpose of illegal possession, concealed the truth that he actually used the money for online gambling under the pretext of loan turnover or helping to complete savings tasks, and defrauded others of a particularly large amount of money, constituting the crime of fraud; Huo Binfeng, as a state official, took advantage of his position to embezzle public funds for personal use and engage in illegal activities such as online gambling. The circumstances were serious, and his behavior constituted the crime of embezzlement of public funds; Huo Binfeng committed multiple crimes alone and should be punished for both crimes.

Subsequently, based on the circumstances, nature, subjective malignancy, harm to society, and attitude of confession and remorse of Huo Binfeng's crime, the court sentenced him to fraud according to the Criminal Law of the People's Republic of China, sentenced him to 13 years in prison, and fined him 300000 yuan; Committed the crime of misappropriating public funds and sentenced to 5 years and 6 months of imprisonment; The punishment for multiple crimes was combined, and it was decided to carry out a 16 year imprisonment and a fine of 300000 yuan.

At the same time, order Huo Binfeng to refund the victim's original compensation of 220000 yuan; Refund compensation of 150000 yuan to the victim, Mr. B; Refund compensation of 600000 yuan to victim Yang Moujia; Repay victim Li Moujia 800000 yuan; Refund compensation of 400000 yuan to victim Ji. And recover the illegal gains of 1.8273 million yuan obtained by Huo Binfeng, and return them to Yangcheng Rural Commercial Bank in Shanxi.

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