Bankers and wives jailed for embezzlement

Two former Bank of China managers and their wives were sentenced for their role in an elaborate plan to embezzle $482m (€363m) and launder the money in other countries.

A US federal judge in Las Vegas sentenced Xu Chaofan to 25 years in prison and Xu Guojun to 22 years. Their wives, Kuang Wan Fang and Yu Ying Yi, were sentenced to eight years in prison.

The Department of Justice says all four were ordered to pay $482m (€363m) in restitution.

The four were found guilty of a racketeering conspiracy that began in 1991 and continued until October 2004.

Prosecutors said the men laundered stolen money through Hong Kong, Canada and the US, including $3m (€2.26m) deposited at several Las Vegas casinos.