A Los Angeles real estate firm owned by a Chinese billionaire is guilty of paying more than $1 million in bribes to a Los Angeles city councilman as part of a scheme that involved luxury cruises, high-rolling trips to casinos, and prostitution.
Shen Zhen New World I, a real estate firm owned by Chinese billionaire Wei Huang, was found guilty by a jury after less than three hours of deliberation on Nov. 10. The charges included “three counts of honest service wire fraud, four counts of interstate and foreign travel in aid of bribery, and one count of bribery,” according to a statement by the Justice Department.
