临近退休大搞“老鼠仓”，券商前高管看底牌搭便车收过亿罚单

Core Viewpoint - The case of Chen Moutao, a former executive of a brokerage firm, highlights significant concerns regarding insider trading practices, particularly the use of non-public information for trading activities, leading to a hefty fine of 135 million yuan imposed by the Jiangsu Securities Regulatory Bureau [1][3]. Group 1: Details of the Case - Chen Moutao was found to have engaged in "follow trading" or "free-riding" by utilizing his position to access trading information from 32 accounts linked to private funds and individuals, resulting in a total trading amount of 858 million yuan and profits of 18.75 million yuan from 585 stocks [2]. - Over a 12-year period from 2011 to 2023, Chen's total trading volume reached 4.544 billion yuan, with illegal profits amounting to 26.4 million yuan [2]. - The penalties imposed included the confiscation of illegal gains and fines totaling 135 million yuan, alongside market bans preventing him from holding senior positions in any securities-related business for eight years and from trading securities for five years [3]. Group 2: Legal and Regulatory Context - The Securities Law prohibits the use of non-public information for trading, without specifically mentioning advance trading or front-running, indicating that any form of trading based on insider information is subject to penalties [6]. - The legal framework also includes provisions under the Criminal Law that address the use of non-public information for trading, with severe penalties for serious violations [7]. - There have been precedents for criminal liability in similar cases, suggesting that Chen's actions could potentially lead to further legal consequences beyond administrative penalties [8].