Ex-CSRC vice-chairman pleads guilty to graft

The former vice-chairman of China's top securities regulator Yao Gang pleaded guilty to bribery and insider trading at his trial on Wednesday in Handan, Hebei province.

Yao was charged by Handan Municipal People's Procuratorate at Handan Municipal Intermediate People's Court.

He was accused of taking advantage of his position and accepting money and gifts totaling 69.6 million yuan ($10.4 million). From January to April 2007, Yao took advantage of his position as the assistant chairman of the China Securities Regulatory Commission to acquire insider trading information of a related company's reorganization and made illegal gains of 2.1 million yuan.