13 years for broker who stole from his clients
Print Edition
A former stockbroker who fled Shanghai 14 years ago with 3.6 million yuan (US$521,845) stolen from clients has been sentenced to 13 years in prison for embezzlement and misappropriation of funds.
Wu Jianguo, 49, used to be a client manager of a China Eagle Securities outlet on Pudong Avenue. But when he was caught last June, he was working as a delivery man.
Pudong New Area People’s Court said Wu had access to more than 200 million yuan of investors’ funds. From December 1997 to March 2002, he siphoned off 50 million yuan to speculate in stocks and set aside 20 million yuan for his own use.
He prospered for a few years, but began losing heavily when the bear market hit in 2000. In four days in March 2002, he lost tens of millions of yuan. And after years of lavish spending, he ran through much of his ill-gotten gains.
He sold what stocks he still had and fled to Zhumadian City, Henan Province, with his wife and newborn daughter.
There, Wu used a fake identity obtained by his mistress, a native of Inner Mongolia Autonomous Region.
But a friend of his mistress, who knew his story and helped the family to settle down in Zhumadian, extorted money from him. So he fled again, to Yantai City in Shandong Province.
He spent 2 million yuan on opening a restaurant, but it was pulled down a year later due to an urban relocation plan. Fearful of his background being exposed, he didn’t ask for compensation — and made a living by becoming a delivery man.
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