Related News
Stockbroker in custody for embezzling
By Dong Hui |
April 10, 2009, Friday
|
Print Edition
Print Edition
HIGH-PROFILE stock trader Jian Fan is in custody for allegedly swindling retail investors, Yangpu District police confirmed yesterday.
"He persuaded his students and investors to give him money, saying he would make profits in stock futures," a victim told the Southern Metropolis Daily. "Then he became uncontactable. It's rumored he bought real estate and cars with the money."
Yangpu District police said Jian was taken into custody for economic crimes last month, without revealing the amount of embezzled money.
A victim surnamed Weng said about 200 people were cheated out of 20 million yuan (US$2.93 million). Most victims were elderly locals, with the oldest aged 81, and some were from Beijing and Hangzhou.
Jian, who for years enjoyed a high profile with retail investors, said he got his trading experience on Wall Street and had made big profits in Shanghai, Shenzhen and Hong Kong markets. He had a newspaper column, wrote books on investment and conducted seminars.
Jian used the money to invest in the Hong Kong gold market and buy real estate, Weng said. He failed to pay back the money after making huge losses, according to Weng.
"He persuaded his students and investors to give him money, saying he would make profits in stock futures," a victim told the Southern Metropolis Daily. "Then he became uncontactable. It's rumored he bought real estate and cars with the money."
Yangpu District police said Jian was taken into custody for economic crimes last month, without revealing the amount of embezzled money.
A victim surnamed Weng said about 200 people were cheated out of 20 million yuan (US$2.93 million). Most victims were elderly locals, with the oldest aged 81, and some were from Beijing and Hangzhou.
Jian, who for years enjoyed a high profile with retail investors, said he got his trading experience on Wall Street and had made big profits in Shanghai, Shenzhen and Hong Kong markets. He had a newspaper column, wrote books on investment and conducted seminars.
Jian used the money to invest in the Hong Kong gold market and buy real estate, Weng said. He failed to pay back the money after making huge losses, according to Weng.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
