Preparation of the bank completes the list of fake from China

  BEIJING (AP) - In China, flooded with fake iPhones, pirated DVDs and knockoff Louis Vuitton bags, was rice traders Lin Chunping brought order to a whole new level: He invented a U.S. bank and explained that they bought.

The little-known businessman who shot to fame in January when the state-run media said he had taken from the Delaware-based Atlantic Bank. The acquisition brought him unprecedented praise: his hometown gave him a prestigious appointment policy and the state media called her business experience "legendary".

Could only have what is been legendary, the boldness of Lin. Not only did he not buy Atlantic Bank in Delaware for $ 60 million, as he claimed but there is no BankAtlantic in this state.

Chinese journalists could not find a bank of the Atlantic or the registration of Lin in Delaware. He is forced under arrest for an unrelated fraud and was his appointment to a waiver at the local level to the Conference of the Chinese People's Consultative policy, the highest advisory body to the government.

Lin, who was arrested in early June could not be reached for comment. But does the 41-year-old short, dramatic rise and fall, such as fraud has developed in China, morphing from the production of counterfeits to all institutions and careers.

Last year, officers found five fake Apple stores in the southwestern city of Kunming. The stores were modeled after the iconic stores of American society in the spiral staircase and the people in blue shirts.

Early June, subject to the local press in east China's Shandong Province, a fake university. Students who did not score high enough to do on the college entrance exam for the national, enter the letters the university has received approval for the fictitious Shandong Institute of Light Industry, a true school. The students paid about 30,000 yuan ($ 4,800) over four years in order to attend courses at the institute.

A few weeks before the end, the students learned they would not receive diplomas because they are not officially enrolled in school, but state in a training program for private rent room of the institute, according to the report in the Times Jinan. The organizer of the program was gone, the newspaper reported.

Continue to come from the students through the acquisition of fillers or other evasion is widespread.

Zinch China, the Chinese arm of the American Society Zinch.com educational networking site, estimates that 90 percent of the letters are wrong in schools in the United States that 70 percent of the essays are written by someone else and produces the other half of the transcripts be. Zinch numbers of interviews with Chinese students, parents and staff created.

Experts point to many reasons for the widespread lack of scruples, the need to be extremely competitive in a crowded society to an old wise man, to be lying, be tolerated to achieve a higher purpose successfully.

It Huaihong, philosophy professor at Beijing University who teaches ethics, is concerned the policy of China, especially the gap between leadership openly communist and capitalist economy it oversees.

"Jargon left a century of political revolution is so disconnected from reality that society full of meaning, is empty talk," he said.

Lin told Chinese reporters that he took two years to negotiate the purchase of U.S. bank and the bank went bankrupt in 2008 due to financial crisis. To add more style to the story, told reporters that Lin, the bank had been running for 85 years and was of the Jews who are stereotyped by many Chinese as a superior business skills seen running.

The story of Lin was particularly exciting because acquisitions abroad are a source of pride in China, with its growing economic power. Lin alleged purchase of a U.S. bank reported that both the Chinese triumph and decline of the United States.

His claims also welcomed his hometown, the eastern city of Wenzhou, which was shaken by a government by the credit crisis, which has some highly indebted companies, had ruined some of whom fled the city and its liabilities imposed. Some committed suicide.

"Commence People were shocked that the businessman bought an obscure foreign bank, and it was still a U.S. bank. It was not even a banker," said Zhu Xiaochuan, a researcher on the financial law of CEIBS Lujiazui China International Finance Institute of Shanghai. "The message must be credible, as it has traditionally been in the media. The audience was amazed at how rich businessmen from Wenzhou were amazed."

A profile on the website of the People's Daily newspaper of the ruling Communist Party shows how strong and hardworking Lin, selling buttons like a teenager, then the purchase of a copper and gold in Ghana and invest in the rice industry in China. The profile is still available online.

Lin said he renamed HSBC Bank USA New Consortium Inc. Federation and that the institution had already 40 million in deposits at the prospect of turning an annual profit of $ 5000000-6000000 tightened. The new name has a touch of seriousness, borrowing from the London-based global banking giant HSBC Holdings, whose brand is known in China.

The story has attracted much attention as Chinese journalists familiar with banking regulators in the United States verified the legitimacy of claims by Lin. They found no BankAtlantic in Delaware and New HSBC Lin was not allowed to offer banking services in Delaware.

Was exposed when his non-existent bank in March, said Lin reporters he was "exaggerated" to increase his social status and win the future opportunities in the banking sector.

Lin is not known to have made money from their bank debt, but after they proved to be false, it seems to be a target in a police campaign to counter against economic crime.

A statement on the website of the Police Bureau of Wenzhou, he said the falsification of invoices with a value of more than 100 million yuan (ten million dollars) is suspected by many of his company in a tax evasion.