Ex-broker loses 2nd conviction appeal
Print Edition
A former trading executive of Everbright Securities lost a second appeal to overturn his conviction for insider trading after a trading error triggered wild fluctuations in the Shanghai stock market in 2013.
The Beijing Higher People’s Court yesterday said it has upheld a ruling by the Beijing No. 1 Intermediate People’s Court and rejected an appeal by Yang Jianbo, the former head of Everbright’s strategic investment department.
In 2014, Yang appealed to revoke the lifetime trading ban and a fine of 600,000 yuan (US$96,600) the China Securities Regulatory Commission imposed on him.
On August 16, 2013, a flaw in Everbright’s trading system 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 allegedly made hedge trades before disclosing the error publicly.
Yang said on his microblog he would continue to appeal.
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