The illegal entities of insider trading include not only the management of listed companies, the target parties of major asset restructuring, but also the intermediary controllers of listed companies. The actual controllers of listed companies may also engage in insider trading under the influence of interests. The insider information of such subjects seems to be “the first month before the water floorâ€, but in the recovery of the capital market, when the hand reaches, it will be caught.
When he Yuanwanggu 002,161, shares attending the actual controller, longtime chairman and general manager of Xu Yu lock, since 2007 Yuanwanggu listed at the beginning, actually control the use of their securities account of frequent trading far distant relative Liaomou Song Wanggu stocks are engaged in insider trading and short-term trading violations for a long time, concealed and frequently. Due to the bad nature of its illegal acts, the CSRC made a heavier punishment on Xu Yusuo according to law, with a total fine of more than 21 million yuan, and took measures to ban the securities market for five years.
How does Xu Yusuo use the information superiority of the actual controller to implement the illegal trading behavior of Yuanwang Valley? The CSRC recently disclosed the investigation and punishment of the case.
Suddenly escorted by suspected unit bribery
Xu Yusuo, the party to the case, is the actual controller of the listed company Yuanwanggu. He has served as the chairman and general manager of the company for a long time. He is no longer employed in Yuanwang Valley because of suspected bribery.
As the actual controller of the listed company, Xu Yusuo should be aware of and consciously abide by the securities laws and regulations, and is committed to improving the standardization of the company. However, since the beginning of the listing of Yuanwang Valley in 2007, he has actually controlled the use of his distant relatives Liao’s securities account frequently. Trading "Yuanwang Valley" stocks, a large number of short-term trading and insider trading.
According to the inspection and enforcement personnel of the China Securities Regulatory Commission, Xu Yusuo fled from October 24, 2012 to November 27, 2014 on suspicion of bribery. On October 10, 2014, the Supreme Law, the Supreme People's Procuratorate, the Ministry of Public Security, and the Ministry of Foreign Affairs jointly issued the "Notice on urging economic offenders to surrender in exile." Those who commit their own crimes and return to the country voluntarily may be given a lighter or mitigated punishment according to law.
On November 28, 2014, Xu Yusuo surrendered to China.
Insider trading, two cases, forced to resist
On July 20, 2015, according to the abnormal transaction situation discovered by the Exchange, the Shenzhen Securities Regulatory Commission initiated a preliminary investigation on the suspected insider trading of Yuanku.
After completing the investigation and evidence collection of insider information content, sensitive period, and insider's scope determination, the case-handling personnel grasped the actual controller and source of funds of the account involved through the external investigation and evidence collection. After that, the investigation team quickly discovered Xu Yusuo and Liao Mosong. There is an association between the accounts, and the fact that Xu Yusuo borrowed the insider trading of others' securities accounts to the far-sighted valley was preliminarily grasped.
At the start of the investigation of this case, Xu Yusuo’s judicial procedure for suspected bribery of the unit has not yet ended. The old things are not over, and new things are coming again. This has a great impact on Xu Yusuo. Therefore, he is recalcitrant and refuses to admit the fact that the illegal transaction is far away. .
For example, the case investigation team conducted an in-depth analysis of Liao’s securities account transaction records and found that several transactions involving Liao’s securities account for insider trading were placed in the office computer of Yuan Yu Valley’s Xu Yusuo office, and the investigation team immediately went to the office. Yuanwang Valley Company searched, but when the investigators arrived at Yuanwang Valley, the computer had been removed.
In addition to hiding the computer involved in the case, Xu Yusuo insisted that he did not know Liao Mosong at the beginning of the investigation, and did not understand the situation of Liao’s securities account. Liao Mosong said that his account was entrusted to a friend in Singapore to help. After the investigators pointed out the relationship between Xu Yusuo and Liao Mosong's accounts one by one, Xu Yusuo and Liao Mosong also said that the two were really distant relatives. Xu Yusuo transferred the money to Liao Mosong to lend Liao Mosong.
As the investigation deepened, Xu Yusuo gradually realized that it was impossible to easily evade the accountability, so he arranged for Liao Mosong to recognize that the account was operated by Liao Mosong, in an attempt to abandon the car.
“Zero Confession†identified account related cases successfully verified
Xu Yusuo’s wishful abacus for refusing to blame was not made. The investigation team attaches great importance to objective evidence, and treats the statements of the parties with obvious interests in a prudent manner. Through careful analysis and argumentation of objective evidence, the control relationship of the account is determined under the condition of “zero confession†and successfully verified. The case.
According to the investigators, Xu Yusuo is the main decision maker and promoter of the major asset restructuring of Yuanwang Valley. He participated in the acquisition throughout the whole process. He knew that insider information could not be refuted, so he took the method of denying the account control relationship to deal with the investigation.
“Xu Yusuo has a strong anti-investigation awareness, so we decided to analyze the evidence control relationship from the objective evidence.†The case handler introduced, for example, the investigation team extended the investigation of the existence of Xu in the investigation of Liao’s account. Yang (Xu Yusuo's son) account, found that the two are highly convergent, the investigation team immediately talked about Xu Yusuo, Xu Yusuo explained its promotion of the prospect of the relocation of Yuanwang Valley, while acknowledging the actual control of the use of Xu Yangyang account (Xu Mou The foreign account has never been traded "Yuanwang Valley").
After curing Xu Yusuo’s control of Xu’s account, the investigators began to ask about the account of Liao’s account. Xu Yusuo began to feel uneasy and said that he did not know Liao Mosong. The investigators immediately showed them Liao Mosong and Xu Mouyang. Evidence that the account transaction is highly convergent, Xu Yusuo suddenly paused, and after a long silence, he said that he could not remember it, and asked for another day to explain.
In the end, based on the multi-faceted objective evidence on the basis of full argumentation and reasoning, the investigation team determined that the Liao Mosong account was actually controlled and used by Xu Yusuo.
The CSRC made a fine punishment
In January this year, the CSRC made a heavy administrative punishment on the case of Yuan Yugu, the actual controller of Yuanwang Valley.
The CSRC has determined that Yuanwang Valley intends to invest at least 95.5 million euros in 4 shares to purchase 100% equity of BibliotheCA Group GmbH. Insider information, Xu Yusuo not only knows inside information on September 11, 2014. Xu Yusuo controlled to use the "Liao Mosong" account to buy 250,000 shares of Yuanwang Valley before the inside information was released, which constituted insider trading.
The CSRC decided to confiscate Xu Yusuo’s illegal trade income of more than 5.4 million yuan and imposed a fine of more than 16 million yuan. He warned Xu Yusuo’s two short-term trading activities and imposed a fine of 200,000 yuan. He also imposed a five-year ban on securities market for Xu Yusuo.
The person in charge of the relevant departments of the CSRC said that the successful investigation and handling of the case indicated that the CSRC’s investigation and punishment of insider trading behaviors adhered to a no-dead, full coverage and zero-tolerance attitude, and imposed serious penalties on the insider trading behavior of the actual controllers of listed companies. Xu Yusuo’s case shows that I will be determined and capable of cracking down on insider trading violations, which will make the offenders pay the due price, and will also have a great deterrent effect on market participants,†the official said.
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