Man pays steep price for insider trading
Print Edition
A MAN who illegally benefited from insider information has been jailed for a year and banned from working in the securities industry for another three years, the Shanghai No. 2 Intermediate People’s Court ruled yesterday.
This is the first case in China where an offender convicted of a securities-related crime has been prohibited from relevant industries, the court said.
According to the court, the man, surnamed Ning, participated in an acquisition and reorganization program while serving as project manager at a Guangzhou-based securities company in February 2016. Owing to his position, Ning was privy to insider information and colluded with his wife to raise funds and trade stocks.
The couple made more than 170,000 yuan (US$23,760) in illegal profits.
During the hearing on Tuesday, prosecutors charged the couple with insider trading and suggested that the court hand Ning an industry ban as well as imprisonment.
Ning’s lawyer tried to seek leniency by arguing that the couple was not familiar with the law and both are first-time offenders.
The court sentenced Ning to one year in jail with a fine of 300,000 yuan. After he finishes the jail term, he will be barred from securities-related industries for three years. Ning’s wife was sentenced to one year in jail as well, with a one-year reprieve, and fined 300,000 yuan.
Under the nation’s criminal law, those making use of their positions to commit crimes can be banned from taking up related jobs for three to five years after their jail term is completed.
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