Ex-HSBC fund exec tried for insider trading
Print Edition
A former HSBC fund manager has confessed to his guilt in an insider trading case to earn 1.85 billion yuan (US$298 million) in profit.
Lin Tongtong, 43, former manager at HSBC Jintrust Fund Management Co, stood trial in the Shanghai Intermediate People’s Court yesterday on allegation he abused his knowledge of inside information to gain 1.85 billion yuan in profit during his tenure between 2009 and 2013.
Lin asked his college mate, who was not aware of Lin’s ploy, to trade 108 stocks, including Gree Co and China Merchants Bank, in three accounts involving 250 million yuan, according to the charge.
“I confess to the guilt but I didn’t mean to manipulate the market,” Lin told the court.
The prosecutor has asked the court to sentence Lin to a maximum five-year prison term while defense lawyer Zhai Jian asked for a fine.
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