China / Society

Former fund manager sentenced to prison, millions in fines

By CAO YIN ( Updated: 2015-12-11 11:50

A former fund manager was sentenced to three years in prison and fined 19.13 million yuan ($2.97 million) for profiting on insider trading, a circuit court announced on Friday.

Ma Le, 33, a former fund manager at Bosera Funds, also will have illegal profits of more than 19 million yuan confiscated, said the Supreme People's Court First Circuit Court in Shenzhen, Guangdong province.

As a fund manager, Ma traded shares in 76 companies. The national top court said he took illicit profits from insider trading worth 1.05 billion yuan. Insider trading involves the buying or selling of stocks by someone who has confidential information.

The case was described as the largest in terms of the trading period involved, the number of stocks and value of funds and profits since February 2009, when insider trading was defined as a crime.

Ma's crime could have resulted in a sentence of up to 10 years in prison, but the top court it was lenient because said he voluntarily surrendered and gave up his illegal profits.

The case against Ma had previously been adjudicated in Shenzhen's intermediate court, but had been held up by questions over the application of the law and inadequate sentencing. In December, China's top prosecutor lodged a protest against the verdict and the national top court accepted the protest and heard the case this year.

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