Former Fund Exec Faces Alleged Insider Trading Charge
By Lydia Chen |
June 10, 2011, Friday
|
Print Edition
Print Edition
THE former investment director of Shanghai-based Everbright-Prameric Fund Management Co, Xu Chunmao, is in police custody for alleged insider trading, Shanghai's mutual fund association said.
Meanwhile, Huang Lin, former fund manager of Shanghai's Franklin Sealand Fund Management Co, is permanently barred from the mutual fund industry for insider trading. He has also been fined 300,000 yuan (US$46,324), the association said in a statement.
Xu allegedly abused his position and manipulated several accounts to buy shares of certain companies before or at the same time when his fund firm also bought into these companies, the statement said.
The Shanghai Securities Regulatory Commission has already concluded its investigation, it said. But the statement did not mention the amount of money Xu has allegedly gained from his insider trading.
Huang was also said to have used the same tricks Xu did and bought shares of eight firms from March 2007 to April 2009. But his investments suffered a loss of 54,000 yuan, the statement said.
Huang is banned from the market and the mutual fund industry permanently. He can't hold any position in securities firms or be a senior executive in any listed firm for 10 years, the local securities supervisor ruled.
Meanwhile, Huang Lin, former fund manager of Shanghai's Franklin Sealand Fund Management Co, is permanently barred from the mutual fund industry for insider trading. He has also been fined 300,000 yuan (US$46,324), the association said in a statement.
Xu allegedly abused his position and manipulated several accounts to buy shares of certain companies before or at the same time when his fund firm also bought into these companies, the statement said.
The Shanghai Securities Regulatory Commission has already concluded its investigation, it said. But the statement did not mention the amount of money Xu has allegedly gained from his insider trading.
Huang was also said to have used the same tricks Xu did and bought shares of eight firms from March 2007 to April 2009. But his investments suffered a loss of 54,000 yuan, the statement said.
Huang is banned from the market and the mutual fund industry permanently. He can't hold any position in securities firms or be a senior executive in any listed firm for 10 years, the local securities supervisor ruled.
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