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Court collects China's biggest fine 鈥 125m yuan
By Jane Chen |
November 20, 2009, Friday
|
Online Edition
Online Edition
A BEIJING court has managed to collect a fine of 125 million yuan (US$18.31 million) - the biggest ever levied by China's securities authority on an individual - from a former securities firm's head.
The money, together with another 125 million yuan earned from illegal price manipulations, has been handed over to the state treasury, Jfdaily.com reported today.
China Securities Regulatory Commission fined Wang Jianzhong, former legal representative of Beijing Shoufang Investment Consulting, last November for stock manipulation between January 2007 and May 2008.
The authority also confiscated his illegal income and barred him for life from trading securities.
His company, which was founded in 2001, was unlicensed and Wang is the first person to be arrested for stock manipulation on the mainland.
Xicheng District People's Court managed to collect the fine by personally visiting each bank and firm where Wang had an account.
The money, together with another 125 million yuan earned from illegal price manipulations, has been handed over to the state treasury, Jfdaily.com reported today.
China Securities Regulatory Commission fined Wang Jianzhong, former legal representative of Beijing Shoufang Investment Consulting, last November for stock manipulation between January 2007 and May 2008.
The authority also confiscated his illegal income and barred him for life from trading securities.
His company, which was founded in 2001, was unlicensed and Wang is the first person to be arrested for stock manipulation on the mainland.
Xicheng District People's Court managed to collect the fine by personally visiting each bank and firm where Wang had an account.
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