Jail for insider trading
By Ye Zhen |
March 29, 2013, Friday
|
Print Edition
Print Edition
A former fund manager was sentenced to three years in jail for insider trading, the Shanghai No.1 Intermediate People's Court said yesterday.
Zheng Tuo, formerly with the Bank of Communications Schroders Fund Management Co, was also fined 6 million yuan (US$967,742) for profiting by using the company information before official disclosure.
Zheng traded 11 stocks worth 46 million yuan from February to August 2009 under the accounts of his ex-wife and former sister-in-law. He made an illicit profit of 12 million yuan, the court said.
Xia Weihong, Zheng's ex-wife, got a two-year suspended jail sentence and was also fined 6 million yuan.
Zheng Tuo, formerly with the Bank of Communications Schroders Fund Management Co, was also fined 6 million yuan (US$967,742) for profiting by using the company information before official disclosure.
Zheng traded 11 stocks worth 46 million yuan from February to August 2009 under the accounts of his ex-wife and former sister-in-law. He made an illicit profit of 12 million yuan, the court said.
Xia Weihong, Zheng's ex-wife, got a two-year suspended jail sentence and was also fined 6 million yuan.
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