Bond traders make illegal profits of nearly 20 million by peeping at stock trading orders

category:Finance
 Bond traders make illegal profits of nearly 20 million by peeping at stock trading orders


On March 25, the Supreme Peoples Procuratorate issued three guiding cases as the seventeenth batch of guiding cases. Among them, one case showed that Wang Peng, a bond trader of a fund company, had been peeking at the companys stock trading instructions for nearly two and a half years. His parents, by operating the securities accounts of others, are highly in line with the instructions of the fund company, making an illegal profit of more than 17.73 million yuan.

Peek at the companys trading order for two and a half years

According to the case disclosed by the Supreme Peoples Procuratorate, Wang Peng was a former bond trader of a well-known fund company, and Wang Huiqiang and song Lingxiang were both unemployed.

From November 2008 to may 2014, Wang Peng served as a bond trader in the trading management department of the above-mentioned well-known fund companies. As soon as Wang Peng joined the company, his parents immediately opened several stock accounts using other peoples information.

According to the case disclosed by zhizhiwen.com, Wang Huiqiang opened a stock account in Haitong Securities on November 18, 2008 with the identity information of his niece Niu, and closed the account on December 19, 2010; opened an account in Huarong securities on December 9, 2010, with the main trading time concentrated before September 2011. The above two accounts are actually controlled by Wang Huiqiang and are traded in securities.

Why open so many stock accounts? The answer lies in the authorization of the account 6609 of Hang Seng system, a well-known fund company.

During the working period, due to the work needs, the above-mentioned fund company opened the site authority of account 6609 of Hang Seng system for bond traders such as Wang Peng. Since July 7, 2008, the 6609 account has opened the query authority of stock trading instructions; since July 6, 2009, it has successively increased the query authority of unpublished information including entrusted flow, securities transaction return, securities capital flow, portfolio securities position, fund assets and so on.

According to the case information, Wang Peng has logged in to hang seng system with account 6609 for 710 times from January 15, 2009 to August 9, 2011, and logged in to account 6610 for 551 times in the same period.

On the other hand, from March 2009 to August 2011, their parents Wang Huiqiang and song Lingxiang operated other peoples securities accounts, and conducted securities trading at the same period or later than the above-mentioned fund companies, which was highly similar to the trading instructions of a fund company. The total amount of securities trading was more than 878 million yuan, and the total amount of illegal profits was more than 17.73 million yuan.

Paper cant contain fire after all!

On November 29, 2014, Wang Peng and his parents were arrested by the public security organ. On June 5, 2015, Chongqing Public Security Bureau transferred the defendants Wang Peng, Wang Huiqiang and song Lingxiang to the first branch of Chongqing Peoples Procuratorate for examination and prosecution on suspicion of using the unpublished information transaction.

Construction of proof system with indirect evidence

In view of the above cases, Zheng Xinjian, member of the Procuratorial Committee of the Supreme Peoples Procuratorate and director of the fourth procuratorial office, believes that the main solution to this case is how to build a proof system with indirect evidence in the securities crimes with strong concealment.

Securities and Futures and other financial crimes are mostly intentional crimes that are carefully prepared, organized and implemented. Suspects and defendants are familiar with the laws and regulations and relevant industry rules. The crimes are highly concealed, highly professional, and evidence concealment and destruction are common. Introduction to Zheng Xinjian.

Zheng Xinjian said that without direct evidence, through the examination and judgment of indirect evidence and the use of organization, it can still reach the standard of clear facts and sufficient evidence.

Zheng Xinjian said that in the case, Wang Peng and his parents, the three defendants, never confessed to the fact that they had used the unpublished information to trade. Through guiding investigation and evidence collection, the procuratorial organ collected and fixed other relevant evidence in a complete way, and built a proof system with indirect evidence:

By analyzing the securities trading data and trading information related to the unpublished information of the three accused in the criminal and other periods, this paper proves the relevance, convergence and difference between the trading and the common trading habits of the three accused;

Through identity relationship, capital exchange and other evidences, it is proved that both parties have the motivation and conditions to transmit information; through professional background, professional experience, contact personnel and other evidences, it is proved that the transaction behavior does not meet their personal ability and experience;

On this basis, combined with the basic law of the securities market, the common sense of experience of ordinary people and the irrationality of the defense of the parties, we make a comprehensive judgment to form a coherent, complete and rigorous evidence system to ensure that the proof conclusion is unique.

This case is of guiding significance for the procuratorial organ to accurately grasp the standard of criminal procedure proof, to use objective evidence to prove the crime according to law, to fully perform the leading responsibility of criminal procedure, and to enhance the ability of examining and judging evidence and charging to prove the crime. The relevant responsible personnel shall be investigated for criminal responsibility, which also shows the determination of the procuratorial organ to punish the securities and Futures Crimes seriously according to law. Zheng Xinjian said.

Extended reading of 60 billion yuan of bullets to be launched, 224 fund annual reports to be released, fund managers are optimistic about 5g and other technology sectors, overseas liquidity shocks, dollar bond funds, and golden pit. Source: responsible editor of Shanghai Securities News: Ren Hui, nbj9607