Stockbroker charged over US$10m fraud
Print Edition
A FORMER stockbroker accused of fleeing Shanghai 14 years ago and leaving behind more than 70 million yuan (US$10.2 million) in debts has been charged with embezzlement, the Pudong New Area People’s Procuratorate said yesterday.
Prosecutors said Wu Jianguo, 48, former client manager of China Eagle Securities’ outlet on Pudong Avenue, made counterfeit versions of his employer’s official seals in late 1997 and used them to fool clients into thinking their money had gone into the company’s accounts.
Instead, he put their money into his personal accounts, which he then used to speculate in stocks, prosecutors said.
He distributed 10 percent of the profits to his clients but kept the rest. He made a fortune in the first few years, but began losing badly when the bear market hit in 2002.
He quit in March, 2002, owing clients about 50 million yuan, and embezzled a further 20 million yuan for personal use, they said.
Wu fled to Zhumadian City, Henan Province, with his wife, newborn daughter and his mistress, Liu Yingying.
There, Liu allegedly introduced the family to her friend and local gang member, Chen Jun, who helped the family get fake IDs. Wu took on the name Yang Yongxin.
But they moved on and settled in Yantai City, Shandong Province, after Chen extorted 1 million yuan when he was told Wu’s story.
After spending what money he had been able to flee with, Wu became a delivery man to support his family, prosecutors said.
But Chen was caught earlier this year over involvement in a killing and told police about Wu in a bid to get more lenient treatment. Wu was arrested in June. He has also been charged with breach of duty.
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