A federal jury in Las Vegas convicted two former principals of China's largest bank, of embezzlement¹ and money laundering² on Friday in the biggest case of its kind since 1949.

Xu Chaofan and Xu Guojun, who have been resident in the United States for the past seven years, were discovered to have masterminded the "Kaiping case" of 2001, in which they defrauded⁴ the State-owned Bank of China of $485 million over 10 years. The men's wives were also found guilty of the crime, the US attorney's office in Las Vegas said.

Xu Chaofan and Xu Guojun answered charges of racketeering, money laundering, international transportation of stolen property and passport fraud in a three-month trial, local media reported. They are to be sentenced on Nov 24.

The two Xus and Yu Zhendong, who has held management positions at the Bank of China branch in Kaiping, Guangdong province, engineered their "escape hatch" to the US in 1991 by marrying three unsuspecting women with US citizenship⁵.All three fled to the US when their crime was discovered in a bank audit⁶.

The former bankers laundered⁷ a portion of their spoils by depositing more than $3 million in Las Vegas casino safes.

Yu, who earlier pleaded guilty to the charges, has been cooperating with the authorities on the capture of his accomplices⁸. In 2004, he became the first Chinese corrupt⁹ official to be repatriated¹⁰ from the US, and was later sentenced to 12 years in prison.

It is not certain whether or not the two Xus will be repatriated after sentence is passed, owing to differences in US and Chinese law, Bank of China spokesman Wang Zhaowen said on Sunday, he added: "The case is complicated."

The US indictment¹¹ came one week after the Canadian government announced on Aug 22 that Deng Xinzhi, suspect in a $2.94 million swindling case, had been repatriated to China after living in the US for five years.

Deng, a native of Beijing, and others, allegedly swindled $2.94 million in 2002 by impersonating employees of China Life Insurance company.

Canada's extradition¹² of a Chinese economic case suspect represents a precedent¹³.

"We appreciate Canada's move and hope law enforcement departments on both sides enhance cooperation in the future," said a spokesman for China's Ministry¹⁴ of Public Security.

The cases will act as a warning to potentially corrupt officials in China, said Zhang Yong, head of the Law Research Institute of Tianjin-based Nankai University.

Zhang viewed the two cases as a preliminary but significant step in legal cooperation between China, the US and Canada. "I'm convinced it's the trend for the future," he said.

Questions:

1. What were the charges against Xu Chaofan and Xu Guojun?

2. Which bank did they work for?

3. How much money did they defraud³ in the Kaiping case?

Answers:

1. Racketeering, money laundering, international transportation of stolen property and passport fraud.

2. Bank of China.

3. $485million.