Credit loopholes closed the first case ushered in the verdict

The 2013 net loan closure wave ushered in the first case.

Not long ago, the People's Court of Luohu District, Shenzhen City, made a first-instance verdict on the case of "Oriental Venture Capital." Defendant Deng Liang guilty of illegally absorbing public deposits and sentenced him to three years in prison and a fine of 300,000 yuan.

On July 23, the reporter of China Times contacted Wei Zhimin, the defendants defense counsel. The other side said that they heard the verdict but did not get the verdict yet, and more cases were inconvenient to respond to.

And compared with the outcome of criminal trials, investors are more concerned about when there will be a specific program of return of funds.

Since Rongrong platform first decision

In 2013, a total of 76 platforms had cash withdrawal difficulties, closed down roads or poor operations, of which 62 were concentrated after October.

Located in Shenzhen, "Oriental Venture Capital" is one of them, but also a typical self-financing platform.

In June 2013, the "Oriental Venture Capital" officially launched suddenly ceased to be withdrawn in late October. Deng Liang, head of the platform, turned himself in to the public security organ on November 2.

Shenzhen Luohu District Court's "Criminal Judgment" shows that as of October 31, 2013, Oriental Ventures, a total of more than 126 million yuan of public deposits, the actual investors 1325 people, investors have yet to withdraw the funds of about 52,500,000 yuan.

Deng Liang stated that the investment funds absorbed by the platform were used to expand the scale of the enterprise while being used to purchase street pavement. He also used four paved mortgage loans into a commercial office down payment, the remaining before the daily return on investment cash. He said that due to public opinion attacks, investors focused cash withdrawal led to a broken funding chain.

He said he had intended to lend to the real project in the prior period. However, he found that when bad debts exceeded 6% and could not be recovered on time, he thought of realizing value-added profits from individual enterprises and properties and promptly returning principal and interest of investors.

The court finally sentenced Deng Liang to three years in prison for illegally absorbing public deposits and imposed a fine of 300,000 yuan. More than 2,500,000 yuan of funds frozen in the case will be refunded as the proportion of investment participants who have not returned their principal amount.

For the verdict, some investors think the sentencing is too light. However, in an interview, Xu Hongwei, the founder of Net Loan House, thinks that the result is more appropriate given that the defendant voluntarily turned himself in and voluntarily paid his losses accordingly.

Xiao Sha, a lawyer with Beijing Dacheng Law Firm, said that the rule of law environment, social tolerance and criminal policy in Shenzhen are relatively tolerant. "Court judgments, conviction of conviction and sentencing are lighter."

For illegal fund-raising, which is often referred to in the network loan platform case, a lawyer engaged in financial legal services explained to this reporter that the concept includes two charges: illegal absorption of public deposits and fund-raising and fraud.

"Illegal absorption of public deposits is a perpetrator, no matter what the purpose, as long as engaged in the act of absorbing public deposits constitute a crime, there are two types of situations, one is not to attract funds to attract qualified behavior, the second is qualified and Not according to the provisions of the fund-raising fraud is the method of fraud, from the very beginning the purpose of illegal possession. "The above lawyers believe that in the present case," the verdict is not too heavy, the possibility of defendants appealed very small. P2P regulation is not qualitative, basically no license, which means that does not allow to attract funds, can not have a pool of funds, but in practice it is difficult to grasp.Most P2P are walking on the red line.

Liu Yingsheng, head of Jiangchuan's financial micro-credit, also said that while the criminal law stipulates that "the offense of illegally absorbing deposits from the public or disguising public deposits" is disregarded, how the composition is not clearly defined. At present, the regulation should do most is to clearly define the subject and behavior of P2P. In the present case, the banner of P2P is not engaged in the real lending business, in fact, has deviated from P2P business attributes.

Investors rights unfinished

For Oriental venture capital investors, after the decision how to return the funds, when the return is more important now.

Zhang, a Chongqing investor surnamed Zhang told this reporter on July 24, has yet to announce the return plan, because the criminal justice has just concluded, no one on the matter and investors to communicate.

He did not think of the outcome of the trial as referring to the remaining funds other than the frozen funds. He also wondered whether it would dispose of Deng's personal assets to make up for the funding gap of more than 20 million.

The investor said he has been aware of the progress of the case through a group of rights activists created spontaneously by investors because of the long distances and the length of the case. There are currently 669 people in this group.

Prior to this, Shenzhen police had asked investors from all over the world to print, sign and send relevant bank statements and website background information as evidence. However, the source said he did not see the police publicity on the final collection of information, so he could not clearly answer the reporter how many people involved in the case.

Oriental venture capital trial since the 9 months after the trial results, may still be fortunate. Since the case of Easy Net, which was launched in late 2012, entered the judicial process in April 2013, it has not yet come to court.

Xu Hongwei told reporters before the venture capital in the east, June 2012 gold rush loan trail earlier precedent, but because time is too long, he also failed to further confirm this.

When Internet loan one after another has detonated public opinion hot spots, investors should face tough and long-lasting rights protection.

In Quzhou, Zhejiang, Zhongbao Investment, the platform that ceased operation due to the active involvement of Economic Investigation Department, is returning the funds before the verdict. In this case, the amount to be received for more than $ 350 million was raised in March.

July 17, "Zhongbao Investment" illegal fund-raising cases leading group office announced that the case has been transferred to the prosecution on July 15 prosecution. On July 25 and August 10, part of the funds detained will be repaid in proportion to 850 fund-raising participants. Stacked twice, investors can get up to 45% of the loss.

Investors who fail to submit valid evidence beyond the deadline can only receive refunds after judicial proceedings have been completed.

A Shanghai investor in Zhongbao Investment confirmed to reporters on July 23 that investors who had not submitted valid written evidence materials were also working hard to submit their contributions in order to catch up with the second batch of returns or not knowing how long to wait.

Appears in the network loan Yi Fei (a pseudonym), every case has the significance of risk education for investors. "Investors are obviously much more mature now, compared with July last year, just before the tide of closures, which belonged to the period with the highest interest rate and the new craziest period, and some investors who were very active last year also withdrew their money because of losing money." "He Say.

The investors in the above-mentioned Oriental venture capital told reporters that he is still investing in other platforms. "I'm still optimistic about this industry, I just hope to recover the losses as soon as possible, hoping the industry more standardized." He said.