Forget Knock-Off Handbags, Chinese Man Creates Fake Bank

He claimed that he bought a failed U.S. bank for $60 million

   

When Lin Chunping, a purportedly self-made Chinese business man, announced that he had purchased an American bank earlier this year, he made headlines in China.

Media outlets showered him with praise and reported his rags-to-riches story, which included West African gold and copper mines, the Los Angeles Times notes.

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The Chinese government even offered him an advisory position.

Unfortunately, there was one small problem with the story: Atlantic Bank never existed.

Lin claimed that he had acquired the bankrupt Delaware-based Atlantic Bank for $60 million. He said it would rename the bank USA New HSBC Federation Consortium. But no such bank ever existed in Delaware.

Reporters eventually uncovered the truth, prompting a news conference and an apology.

China is as well know for fake luxury goods, like knock-off Prada (PINK:PRDSY) handbags and complete fake Apple (NASDAQ:AAPL) stores, as it is for high-technology. But faking a bank may be a first.

Chunping is currently in jail, facing tax evasion charges.


Article printed from InvestorPlace Media, http://investorplace.com/2012/06/forget-knock-off-handbags-chinese-man-creates-fake-bank/.

©2014 InvestorPlace Media, LLC

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