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Ex-fund exec on trial for illegal trading
By Feng Jianmin |
February 27, 2013, Wednesday
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Print Edition
Print Edition
A former Shanghai-based fund manager went on trial yesterday on charges of making an illegal profit of 12 million yuan from insider trading.
Zheng Tuo, 45, was charged with exploiting insider information while he was working at the Bank of Communications Schroders Fund Management Co to trade in 11 stocks worth 46 million yuan when he made 12 million yuan (US$1.6 million) in illegal personal profit, the Shanghai No.1 Intermediate People's Court heard yesterday.
The former fund manager was alleged to have traded the stocks from February to August 2009 by using accounts opened by his former wife and former sister-in-law.
Prosecutors said that under the law those working in the fund industry are banned from operating stock accounts, and Zheng had broken the law by instructing relevant parties to trade stocks with inside information.
But Zheng argued the stock accounts were operated by his ex-wife, whom he divorced in 2008, and that he was not involved in any transaction.
But Zheng's ex-wife and former sister-in-law had confessed, prosecutors said. The court didn't reach a verdict yesterday.
Zheng is the second fund manager in the company accused of insider trading after the regulator started a crackdown on illegal market practices.
Zheng Tuo, 45, was charged with exploiting insider information while he was working at the Bank of Communications Schroders Fund Management Co to trade in 11 stocks worth 46 million yuan when he made 12 million yuan (US$1.6 million) in illegal personal profit, the Shanghai No.1 Intermediate People's Court heard yesterday.
The former fund manager was alleged to have traded the stocks from February to August 2009 by using accounts opened by his former wife and former sister-in-law.
Prosecutors said that under the law those working in the fund industry are banned from operating stock accounts, and Zheng had broken the law by instructing relevant parties to trade stocks with inside information.
But Zheng argued the stock accounts were operated by his ex-wife, whom he divorced in 2008, and that he was not involved in any transaction.
But Zheng's ex-wife and former sister-in-law had confessed, prosecutors said. The court didn't reach a verdict yesterday.
Zheng is the second fund manager in the company accused of insider trading after the regulator started a crackdown on illegal market practices.
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