CSRC confirms Wang arrest for stock fraud

The China Securities Regulatory Commission (CSRC) has confirmed that Wang Jianzhong, legal representative, Beijing Shoufang Investment Consulting, has been detained for suspected stock manipulation.

"The CSRC began to investigate the case in May 2008 and arrested Wang Jianzhong in late November. The CSRC has already frozen his accounts and the locked up money is estimated at over 100 million yuan," a CSRC official told China Daily yesterday.

Wang is the first person arrested for this kind of crime in the country. "The case was handed over to the police and it is still under investigation. The relevant investigation reports and the bill of indictment hasn't been finalized yet," Caijing magazine reported yesterday, citing unnamed sources.