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BEIJING, March 30 (Xinhua) — The China Securities Regulatory Commission fined a company chairman 3.47 billion yuan (about 504 million U.S. dollars) for stock market manipulation, setting a record high fine.
Xian Yan, chairman of P2P Financial Information Services Co., Ltd. (formerly Shanghai Duolun Industrial Co., Ltd.), was also banned from trading in China’s securities market for life, according to a penalty decision announced by the China Securities Regulatory Commission on Thursday.
According to the China Securities Regulatory Commission, between January 17, 2014 and June 12, 2015, Xian Yonggang was found to have manipulated the company’s stock price through insider trading and made false reports to securities market regulators.
The amount of the fine imposed on Xian Xinghai this time is close to the total amount of fines of 4.28 billion yuan imposed by the CSRC last year, demonstrating the CSRC’s determination to curb high-risk stock behavior.
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