In February 2016, a leading online peer-to-peer lending service, Ezubao, was accused of swindling more than 900,000 investors out of more than 50 billion yuan in less than two years. A court in Beijing later sentenced Ding Ning, the architect of the $9 billion Ezubao online financial fraud, to life imprisonment, which finally closed the chapter on one of the biggest Ponzi schemes in modern mainland history.
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