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 - A former executive of a Shanghai brokerage, Chen Moutao, was fined 135 million yuan for engaging in insider trading by following private equity and personal accounts in stock trading, raising concerns about the integrity of the securities industry [1][2]. Group 1: Details of the Case - Chen Moutao, born in January 1963, worked in the brokerage industry since 1999, holding various senior positions [2]. - From March 1, 2020, to March 12, 2023, Chen used his position to access trading information from 32 accounts linked to private equity and individuals, executing synchronized trades with these accounts, resulting in a total investment of 859 million yuan and a profit of 18.75 million yuan [2]. - Over a 12-year period from 2011 to 2023, Chen's total trading volume reached 4.544 billion yuan, with profits amounting to 26.4 million yuan [2]. Group 2: Penalties Imposed - The Jiangsu Securities Regulatory Bureau ordered the confiscation of illegal gains totaling 18.75 million yuan and imposed a fine of 37.5 million yuan, along with an additional confiscation of 26.4 million yuan and a fine of 52.8 million yuan for his illegal trading activities [3]. - Chen received dual market bans: an 8-year prohibition from holding senior management positions in any securities-related business and a 5-year ban on trading securities directly or indirectly [3]. Group 3: Nature of the Offense - Chen argued that his actions were not typical insider trading but rather mimicking trades, claiming lower social harm [4]. - However, synchronized trading, where a securities professional can see client trading information and then trades accordingly, is also considered a form of insider trading, which undermines market fairness [5][6]. - The Securities Law prohibits trading based on non-public information, without specifying that it must be preemptive trading [6]. Group 4: Legal Context - The Criminal Law explicitly addresses the crime of trading based on non-public information, applying to various financial institution employees who misuse their access to insider information [7]. - The Jiangsu Securities Regulatory Bureau classified Chen's actions as severe violations that disrupted market order, with significant illegal gains and prolonged misconduct [7][8]. - There have been previous cases of criminal convictions for similar offenses, indicating a precedent for legal action against such misconduct in the securities industry [8][9].