Far out Friday: Insurance executive gets suspended death sentence

China shows it means business when it comes to insurance fraud after handing the death penalty to one exec caught up in a $265 million fraud case.

Far out Friday: Insurance executive gets suspended death sentence
So you made a bad judgement call and got caught running an insurance fraud scam. What’s the worst that could happen? Well, you could get the death penalty if you live in China.

Insurance fraudster Chen Yi was handed a suspended death sentence after being found guilty in a  recent $265 million fraud case.

Yi, the former general manager of Shanghai Fanxin Insurance Agency, and fellow company executive Jiang Jie sold "fake" insurance products to more than 4,400 customers in Shanghai and the neighbouring province of Zhejiang, collecting over 1.3 billion yuan ($265 million) in premiums, according to a Shanghai court.  

The duo fled China to Fiji in July 2013 with over $1.1 million in cash and goods, after transferring more than $8 million from the company to Hong Kong.

However, the duo were returned to China with co-operation from Fijian authorities in August 2013, state media reported.

The pair were found guilty of fraud – Yi was given a death sentence with a two-year reprieve and Jie was given a life sentence.

In China, suspended death sentences are typically commuted to life in jail.