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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.
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