So we know China is notorious for its copycats and knock-offs , but this guy just takes it a notch too far by fabricating a bank just so he could “buy” it. Rice trader, Lin Chunping, had high hopes of gaining recognition and praise by claiming he had bought a Delaware-based bank called Atlantic Bank for $60 million. He had been given a prestigious political appointment in his hometown, but after word broke out that he had acquired Atlantic Bank, it wasn’t long before reporters discovered no such financial institution existed.
It also seems Lin really prepared for the story he would tell to convince the public. He told Chinese reporters that the bank had existed for 85 years and was run by Jews prior to his purchase. Lin then claimed that it took him two years to negotiate the purchase of the U.S. bank, and that the bank had declared bankruptcy in 2008 because of the financial crisis.
Fortunately, he’s already under arrest for an unrelated fraud and has been forced to give up his municipal-level appointment to the Chinese People’s Political Consultative Conference. Hmm…this makes me worry about the integrity of others who have been appointed to other high positions in the Chinese government.