The general manager of a fake Chinese ant-breeding project that swindled investors of $417 million has been executed, officials say.

Wang Zhendong, board chairman of Yingkou Donghua Trading Co. in Liaoning, was put to death for a conviction of financial fraud Wednesday in northeast China's Liaoning Province, China's official Xinhua news service said.

All of Wang's property was confiscated and his 15 company managers drew jail terms and fines.

Wang said the ants were to be used for making liquor, herbal remedies and as aphrodisiacs, the court said.

Wang attracted more than 10,000 investors, all promised returns of 35 to 40 percent on their investment, officials said. One investor committed suicide after learning he had been duped.