罚没1.35亿！券商前副总裁涉老鼠仓，申辩“曾为行业作贡献”未获采纳

Core Viewpoint - The Jiangsu Securities Regulatory Commission has imposed a significant fine of 135 million yuan on Chen Moutao, a former vice president of a securities company, for insider trading and illegal stock trading activities [1][2]. Group 1: Penalty Details - Chen Moutao was fined a total of 135 million yuan and received a ban from the securities market for 8 years and 5 years, respectively [1]. - The penalty was based on his misuse of confidential information to conduct trades from March 1, 2020, to March 12, 2023, involving 585 stocks and a total trading amount of approximately 859.41 million yuan, resulting in profits of about 18.75 million yuan [1]. Group 2: Defense and Regulatory Response - During the hearing, Chen argued that his actions were mimicking trades rather than front-running trades, claiming lower social harm and requesting a reduction in the penalty [2]. - The Jiangsu Securities Regulatory Commission rejected his claims, stating that his contributions to the financial industry and inability to pay the fine did not constitute valid reasons for leniency [2]. Group 3: Broader Regulatory Context - The regulatory environment has become increasingly stringent, with recent actions against insider trading and "rat trading" practices, including a case involving another securities company executive fined 4.7 million yuan for similar violations [2]. - In May, a fine was also issued to a senior manager at a leading brokerage for engaging in similar trading activities, highlighting ongoing regulatory scrutiny in the industry [3].