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Court rejects appeal of former Everbright Securities executive against regulator on trading glitch
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YANG Jianbo, a former trading executive of Everbright Securities, lost another effort to overturn his conviction for insider trading following a trading error that triggered wild fluctuations in the Shanghai stock market in 2013.
The Beijing Higher People’s Court today announced that it has upheld a ruling by the Beijing No. 1 Intermediate People’s Court to reject an appeal by Yang, the former head of Everbright’s strategic investment department.
Yang filed a lawsuit in 2014 against China Securities Regulatory Commission, appealing to revoke the lifetime trading ban and a fine of 600,000 yuan ($96,774) the regulator imposed on him.
On August 16, 2013, a flaw in Everbright’s trading systems generated 23.4 billion yuan of erroneous orders that triggered wild movements in the Shanghai stock market, with the composite index surging 5.9 percent in two minutes.
Yang and three former executives of Everbright were accused of insider trading as they were alleged to have made hedge trades before disclosing the error publicly.
Yang said on his microblog that the ruling was “no surprise” and he would continue to appeal.
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