They promised annual returns of more than 250 percent if investors became members by paying 4,000 yuan each and then bought shares.
The pair also set up a third firm to sell shares and promised that the company would go public in the United States, Xinhua said.
Ding Wenping, chief financial officer of Longyan E- commerce, and Sun Shijia, its president, were jailed for 12 and 10 years respectively.
Seventeen others were given sentences of up to nine years.
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