Real Estate Firm Owned by Chinese Billionaire Found Guilty of Paying $1 Million in Bribes to L.A. Councilman

A real estate firm in Los Angeles owned by a Chinese billionaire was found guilty of paying a city councilman more than $1 million in bribes to approve a skyscraper downtown. 

On Thursday, a jury found Shen Zhen New World I, a real estate firm owned by Chinese billionaire Wei Huang, guilty after less than three hours of deliberation. 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 the Justice Department. 

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