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Securities firm boss jailed for crime of market manipulation
By Lydia Chen |
August 3, 2011, Wednesday
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Online Edition
Online Edition
THE former boss of a securities consulting firm was sentenced to seven years in prison in addition to a fine of 125 million yuan (US$19.4 million) for the crime of stock market manipulation, a Beijing court ruled today.
Wang Jianzhong, the former general manager of Beijing Shoufang Investment Consulting Co, is the first in China to be convicted of the crime of stock market manipulation.
He was ordered to pay a fine of 125 million yuan, the biggest ever imposed by China's securities authority on an individual, in 2009 for making illicit profits through market manipulation between January 2007 and May 2008.
Beijing No. 2 Intermediate People's Court said Wang, 43, opened more than 10 stock accounts and 10 bank accounts between 2006 and 2008. At the same time, he published stock analysis articles under his company's name on popular websites such as Sina.com and Sohu.com as well as in major financial publications like Shanghai Securities News and The Securities Times to promote stocks he had piled up.
When the prices of these stocks started to rise on strength of increased transactions, Wang would start selling them to reap quick profits. All the 38 stocks he suggested buying saw their prices climbing, according to the China Securities Regulatory Commission.
Wang personally profited 125 million yuan from market manipulation, the court said.
It is not immediately known whether Wang will appeal after the sentence.
His company, Beijing Shoufang Investment Consulting Co, was revoked of its business license after his arrest in November 2008.
Wang Jianzhong, the former general manager of Beijing Shoufang Investment Consulting Co, is the first in China to be convicted of the crime of stock market manipulation.
He was ordered to pay a fine of 125 million yuan, the biggest ever imposed by China's securities authority on an individual, in 2009 for making illicit profits through market manipulation between January 2007 and May 2008.
Beijing No. 2 Intermediate People's Court said Wang, 43, opened more than 10 stock accounts and 10 bank accounts between 2006 and 2008. At the same time, he published stock analysis articles under his company's name on popular websites such as Sina.com and Sohu.com as well as in major financial publications like Shanghai Securities News and The Securities Times to promote stocks he had piled up.
When the prices of these stocks started to rise on strength of increased transactions, Wang would start selling them to reap quick profits. All the 38 stocks he suggested buying saw their prices climbing, according to the China Securities Regulatory Commission.
Wang personally profited 125 million yuan from market manipulation, the court said.
It is not immediately known whether Wang will appeal after the sentence.
His company, Beijing Shoufang Investment Consulting Co, was revoked of its business license after his arrest in November 2008.
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