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Manager who fled to US returns to city to surrender for 鈥榬at tradings鈥 involving 120m yuan
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AN investment manager of a local insurance company who fled to the US on suspicion of "rat trading" has returned to Shanghai and surrendered recently, police said on Tuesday.
The suspect, a 41-year-old man surnamed Liu, allegedly traded stocks using another person's account in accordance with investment decisions for a company account he was in charge of.
The volume of the illegal tradings, which lasted from January 2014 to February 2015, amounted to 120 million yuan (US$20 million), and the alleged gains from the trading was a few hundred thousands of yuan, police said.
Liu fled Shanghai early this year, taking his two kids with him, after being questioned by the securities regulators on the suspicion in December last year.
Police said they managed to talked his wife, who stayed in Shanghai, into persuading him to turn himself in.
Liu Wenbo, a police officer in charge of the case, said the suspect could be charged with illegal transaction with undisclosed information.
He could be sentenced up to 10 years in prison and fined five times the amount of his illegal gains, according to Chinese laws. But the surrender might help him get a reduction in jail term depending on judgment of the court, Liu said.
The actual owner of the account involved in the illegal transactions, a man surnamed Bu, was exempted from accusations because he is considered to be unaware of the illegal transactions, according to the officer.
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