Wang Zhendong, former chairman of Yingkou Donghua Trading Group Co., was found guilty of fraud and executed for bilking $416 million out of investors. In China, the death penalty is used for violent crimes, but it can also be applied to nonviolent offenses that involves large sums of money or if crimes threaten the social order.

The Xinhua News Agency reported that Wang had promised returns of up to 60% for more than 10,000 investors who purchased ant-breeding kits from his company. Many species of ants that are used in Chinese medicinal remedies can go for a high selling price.

Wang had purchased the kits for only $25 each, but sold them to investors for at least $1,300 per kit.

Of the estimated $416 million, only $1.28 million has been recovered by authorities.