I know of a former professor in china who bought 3 houses as investments but also to house his 3 mistresses. His wife was in the US. Of course, a professor's salary doesn't quite cover 5 homes (1 for himself and 1 in the US), 4 women, a kid and himself so he "borrowed" money from his research grants. Didn't take long for things to devolve and he's in a Chinese prison now but I wouldn't be surprised if similar "flipping" schemes with misbegotten funds are common - though probably less colorful.
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