Criminal
Aug. 1, 2019
Chinese billionaire indicted on conspiracy, fraud charges
A Chinese company exported huge amounts of aluminum to the United States disguised as “pallets” to avoid customs duties of up to $1.8 billion and later sold the metal to fraudulently inflate its revenue and deceive investors, according to a federal grand jury indictment unsealed late Tuesday.
A Chinese company exported huge amounts of aluminum to the United States disguised as "pallets" to avoid customs duties of up to $1.8 billion and later sold the metal to fraudulently inflate its revenue and deceive investors, according to a federal grand jury indictment unsealed late Tuesday.
The indictment charges Chinese billionaire Zhongtian Liu, Zhaohua Chen and Xiang Chun Shao of Irvine with conspiracy, wire fraud, passing fals...
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