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November 21, 2009

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Securities fraudster forced to pay up

A BEIJING court has recovered a fine of 125 million yuan (US$18.31 million) -- the largest levied by China's securities authority on an individual -- from the former head of a securities firm, despite his refusal to pay.

Wang Jianzhong, former legal representative of Beijing Shoufang Investment Consulting, had claimed that all his personal accounts had been frozen.

But the money, together with the 125 million yuan he earned from illegal price manipulations, has now been handed over to the state treasury, reported yesterday.

Xicheng District People's Court managed to collect the fine by personally visiting each bank and firm where Wang had an account -- more than 20 in total.

The China Securities Regulatory Commission fined Wang 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.

The CSRC said Wang used fraudulent identity cards to open bank accounts.

Wang is the first person to be arrested for stock manipulation on the mainland.


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