China Reports Fraud in Fund for Elderly
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More than $900 million was misappropriated from ChinaÂs $37 billion social security fund in the countryÂs latest massive government fraud.
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China is aging. According to statistics, citizens aged 60 and about account for nearly 11 percent of its 1.3 billion people. China is focusing on improving its insurance system to cope with the aging population
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SLINGERLANDS, New York  - Gently extolling the  virtues of "learning and laughter," an elderly upstate New York  man has become a unlikely advice guru in China, a land he's  never even visited.
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The "postcode lottery" in social care for the elderly must be addressed, a charity says.
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About 4,000 corrupt Chinese officials  have fled abroad in the past two decades, taking with them  ill-gotten funds totaling more than $600 million.
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US regulators, stepping up efforts to rein in securities fraud involving seniors, found that more than a third of "free lunch" seminars aimed at older Americans focused on unsuitable or fraudulent investments.
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Massachusetts regulators said they got two dozen more complaints yesterday about elderly clients being sold inappropriate variable annuities and will expand their investigation to include the three largest banks in the state.
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Text of report in English by official Chinese news agency Xinhua (New China News Agency)  ["Enterprises Violating Environmental Protection Rules in China Will Struggle To Get Bank Loans" - Xinhua headline]  Beijing, Feb.
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Socially responsible funds are raking in the assets.
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More than a third of "free lunch" investment seminars targeting seniors may involve unsuitable recommendations or outright fraud, securities regulators say.
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Another senior Communist Party official is implicated in Shanghai's financial scandal, a city official says.
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Chinese police have uncovered the country&#39;s largest alleged on-line pyramid selling scheme, involving 170,000 people and 1.36 billion yuan (89 million pounds), state media said on Friday.
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Government bodies have lost tens of millions of pounds in debts and fraud, a spending watchdog says.
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Text of report in English by official Chinese news agency Xinhua (New China News Agency)  Yinchuan, 14 December: A former senior regional land official in northwest China has been officially charged with taking millions of yuan in bribes and holding a large amount of suspect property.
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THE REGION Massachusetts Secretary of State William F. Galvin charged two sales representatives with acting as unregistered investment advisers and improperly promoting annuities to senior citizens. Galvin alleged Michael Mark DelMonico of Uxbridge sold inappropriate high-commission annuities. DelMonico's attorney, Howard D'Amico, said his client denies wrongdoing. Galvin also charged John Christopher Huck of Princeton with offering financial counseling to investors ...
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A multi-billion fraud hits the country's second-biggest bank, leading to questions about how such insider schemes can be prevented
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Twenty six thousand letters are sent to pensioners giving other people's bank details, in a mix-up by officials.