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BOC rat trader trial postponed again
By Lu Nengneng |
March 28, 2012, Wednesday
|
Online Edition
Online Edition
THE trial of a former investment director accused of rat trading, which was scheduled for tomorrow at Shanghai Pudong New Area People's Court, has been postponed until further notice.
Li Xuli, 39, the former investment director of Shanghai-based Bank of Communications Schroders Fund Management Co, was detained last August on suspicion of trading on non-disclosed information and making over 10 millon yuan (US$1.6 million) in illicit profits from it.
He allegedly placed orders for his personal accounts before or when trading the same two stocks for the mutual fund he managed during February 28 to May 25 in 2009, according to an investigation by the China Securities Regulatory Commission.
This was the third time for the court to postpone the hearing. The trial was at first scheduled for March 15th, and then moved to March 28th. No reason has been given for the latest delay.
Li will be the third mutual fund manger to face charges of insider trading after the authority cracked down on illegal stock trading deeds to strengthen its supervision of the mutual fund industry.
Last October, Xu Chunmao, formerly from Everbright-Prameric Fund Management Co, received a sentence of three years behind bars with three years' reprieve for making more than 2.09 million yuan from rat trading.
In May, Han Gang, formerly of Great Wall Fund Management was sentenced to one year behind bars after making over 300,000 yuan from insider trading.
Considering the illicit profit Li allegedly made, which is unprecedented compared to similar cases, he can face up to 10 years of imprisonment if found guilty according to the seventh amendment of the criminal law, which took effect in 2009.
According to the amendment, a sentence ranging from five years to 10 years in jail apply to serious rat trading cases. Before that, the maximum imprisonment was five years.
Li Xuli, 39, the former investment director of Shanghai-based Bank of Communications Schroders Fund Management Co, was detained last August on suspicion of trading on non-disclosed information and making over 10 millon yuan (US$1.6 million) in illicit profits from it.
He allegedly placed orders for his personal accounts before or when trading the same two stocks for the mutual fund he managed during February 28 to May 25 in 2009, according to an investigation by the China Securities Regulatory Commission.
This was the third time for the court to postpone the hearing. The trial was at first scheduled for March 15th, and then moved to March 28th. No reason has been given for the latest delay.
Li will be the third mutual fund manger to face charges of insider trading after the authority cracked down on illegal stock trading deeds to strengthen its supervision of the mutual fund industry.
Last October, Xu Chunmao, formerly from Everbright-Prameric Fund Management Co, received a sentence of three years behind bars with three years' reprieve for making more than 2.09 million yuan from rat trading.
In May, Han Gang, formerly of Great Wall Fund Management was sentenced to one year behind bars after making over 300,000 yuan from insider trading.
Considering the illicit profit Li allegedly made, which is unprecedented compared to similar cases, he can face up to 10 years of imprisonment if found guilty according to the seventh amendment of the criminal law, which took effect in 2009.
According to the amendment, a sentence ranging from five years to 10 years in jail apply to serious rat trading cases. Before that, the maximum imprisonment was five years.
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