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December 10, 2011

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Stock manipulation

THE China Securities Regulatory Commission yesterday revealed the country's biggest-ever market manipulation case that involved illegal profits of 426 million yuan (US$67.2 million) from the trading of 552 stocks.

A total of 148 stock accounts were opened at 44 brokerage outlets to trade the shares with a combined transaction value of 57.2 billion yuan, according to the watchdog.

More than 2 billion yuan was used to make illegal profit, mainly through manipulating "share-recommendation" programs on television in cooperation with 30 securities analysts.

 

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