Core Viewpoint - The China Securities Regulatory Commission (CSRC) Zhejiang Regulatory Bureau has imposed unprecedented penalties on Zhejiang Youce Investment Management Co., Ltd. for serious violations of private fund laws, including misappropriation of nearly 1 billion yuan in fund assets and falsification of product information [1][11][20]. Group 1: Violations and Penalties - Youce Investment misappropriated nearly 1 billion yuan in fund assets and engaged in systematic fraud, leading to a total fine of 35.25 million yuan, including 21 million yuan for the company and 14.25 million yuan for three responsible individuals [1][20]. - The actual controller, Huang Wei, received a lifetime ban from the securities market and a fine of 9 million yuan, while other responsible individuals were also penalized [1][20]. - The fund industry association revoked Youce Investment's registration as a fund manager, and relevant criminal evidence has been transferred to law enforcement [1][20]. Group 2: Background and Structure - Youce Investment was established in December 2016 and registered as a private securities fund manager in November 2017, managing over 2 billion yuan before its cancellation in December 2025 [2][13]. - The company created a complex product structure involving eight fundraising layer products and three investment layer products, all of which were supposed to invest in bank agreement deposits [2][13][16]. Group 3: Fraudulent Activities - The company engaged in three main fraudulent activities: 1. Providing false information about the actual controller, misreporting Huang Wei as "Li Xiaoqing" until the investigation [6][16]. 2. Misappropriating fund assets, with 9.55 billion yuan still unreturned as of July 2024 [7][17]. 3. Falsifying product information over four years, with discrepancies in asset, income, and net value reporting for 11 fund products [8][18]. Group 4: Regulatory Response and Industry Implications - The CSRC emphasized the need to uphold investor rights and market order, pledging to rigorously enforce regulations against private fund violations [12][22]. - The case reflects a broader trend of increased regulatory scrutiny in the private fund sector, with over 8,000 illegal or inactive institutions eliminated in recent years [10][22]. - The regulatory approach combines punishment with education to promote compliance and high-quality development in the private fund industry [22].

记者丨杨娜娜 编辑丨姜诗蔷 近日，中国证券监督管理委员会浙江监管局披露了对浙江优策投资管理有限公司（以下简 称"优策投资"）及有关责任人员违法违规的处罚决定书。经查， 该公司存在挪用近10亿元基 金财产、11只产品信息造假、报送虚假实控人信息等行为，严重违反私募基金法律法规。 最终，浙江证监局对优策投资罚款2100万元，对3名责任人罚款1425万元，对实际控制人黄巍 采取终身证券市场禁入措施， 罚款总额达3525万元。 同时，基金业协会同步撤销其管理人登 记，相关违法犯罪线索已依法移送公安机关。 优策投资成立于2016年12月，注册于杭州，公司总部位于北京，2017年11月备案登记为私募 证券基金管理人，2025年12月12日被注销。 被注销前，优策投资是一家以FOF投资为主的基 金管理公司， 管理规模超过20亿元 ，其实际控制人显示为李晓晴，焦健为总经理。 2018年11月至2024年，优策投资先后成立并管理优策长实1号，优策长秀1号、2号、3号、长 秀5号，安实1号、优策安实2号、优策长青1号等8只基金产品（以下统称募集层产品）；8只募 集层产品的全部基金财产分别投向优策投资成立并管理的优策长实（曾用名称 ...

在业内人士看来，侵占挪用私募基金财产、开展资金池业务、违规关联交易、违规违约投资等行为严重 损害投资者合法权益，触犯私募基金监管"底线""红线"。 21世纪经济报道记者杨娜娜 近日，中国证券监督管理委员会浙江监管局披露了对浙江优策投资管理有限公司（以下简称"优策投 资"）及有关责任人员违法违规的处罚决定书。经查，该公司存在挪用近10亿元基金财产、11只产品信 息造假、报送虚假实控人信息等行为，严重违反私募基金法律法规。 最终，浙江证监局对优策投资罚款2100万元，对3名责任人罚款1425万元，对实际控制人黄巍采取终身 证券市场禁入措施，罚款总额达3525万元。同时，基金业协会同步撤销其管理人登记，相关违法犯罪线 索已依法移送公安机关。 据悉，该案因处罚力度空前，被业内称为私募行业"史上最重"罚单。而且，该案自去年下半年消息传出 以来，因长期系统性造假以及实际控制人隐身幕后操纵等问题，成为行业颇为关注的案件之一。 当时优策投资旗下优策长实、优策长秀、优策月月盈3号三只产品的投资者发现，公司未按惯例发布 《账户余额明细表》。部分警觉的投资者在长安银行查询了账户流水，根据产品2023年年报，三只产品 存入长安银行私 ...

案发近一年半，长安银行12.5亿元协议存款"消失"案终迎重大进展。 近期，证监会对浙江优策投资管理有限公司（以下简称"优策投资"）及有关责任人员违法违 规作出行政处罚。经查，优策投资及实际控制人存在违规挪用基金财产、报送虚假信息等行 为，严重违反私募基金法律法规。浙江证监局对优策投资罚款2100万元，对3名责任人员罚 款1425万元，对实际控制人采取终身证券市场禁入措施。 值得注意的是，相关案件曾是一桩涉案金额高达12.5亿元的"悬案"。据了解，上述资金投向 的均为长安银行宝鸡金陵支行、宝鸡科技支行协议存款，期间，相关存款账户全部开通网银 转账功能，导致资金被划出。针对网银被开通一事，长安银行与优策投资各执一词，争论不 断。 12.5亿存款因何"消失"， 银行与机构各执一词 据了解，上述案件可追溯至2019年。公开信息显示，优策投资面向全国300多位合格投资 人，累计募集近百亿资金，投向长安银行协议存款。 2019年4月至2023年5月期间，优策投资与长安银行签订《协议存款合同》，将"优策长实、 优策长秀、优策月月盈3号"三只产品的募资，存入长安银行宝鸡金陵支行、宝鸡科技支行私 募基金专户。 据上述三只产品披 ...

Core Viewpoint - The case involving Chang'an Bank and Zhejiang Youce Investment has seen significant developments, with the Zhejiang Securities Regulatory Commission imposing fines totaling 21 million yuan on Youce Investment and its responsible personnel, alongside a lifetime ban for the actual controller from the securities market [1][10]. Group 1: Incident Overview - In the summer of 2024, a scandal emerged regarding 1.252 billion yuan in funds that seemingly disappeared, with investors discovering that their accounts at Chang'an Bank had dwindled to only 86,000 yuan [3][12]. - The issue originated from a deposit contract signed between Youce Investment and Chang'an Bank, where three private fund products had a total deposit of 1.252 billion yuan, but by July 2024, the account balance was alarmingly low [4][13]. - Youce Investment announced a suspension of redemption for 11 products on July 10, 2024, citing Chang'an Bank's failure to provide an account balance statement as the reason [5][12]. Group 2: Dispute Between Parties - Both parties presented conflicting narratives; Youce Investment accused Chang'an Bank of illegally opening online banking, while the bank claimed the online banking was activated at the client's request [3][6]. - Chang'an Bank stated that the contract prohibited online banking, but it was later opened based on a supplementary agreement, and monthly reconciliations were completed by Youce Investment, negating claims of the bank's failure to provide account details [6][14]. - On August 20, 2024, Chang'an Bank issued a statement declaring that reports of the 1.252 billion yuan deposit being lost were severely misleading, asserting that the documents used in the reports were forged [6][14]. Group 3: Fund Flow and Relationships - Investigations revealed that the funds from the accounts were transferred to three companies, which had complex relationships with Youce Investment, facilitating the movement of funds [7][15]. - The companies involved included Baoji Phoenix Ridge Equity Investment Management Co., West Xi'an Changrong Investment Management Co., and Baoji Yuanda Asset Management Co., with ownership structures indicating significant interconnections [7][15]. Group 4: Resolution and Regulatory Actions - As investigations progressed, the truth emerged, with Youce Investment's controlling shareholder admitting to issuing false announcements and acknowledging the negative impact on Chang'an Bank's operations and reputation [8][16]. - On December 12, 2025, the regulatory authority announced penalties against Youce Investment for misappropriating fund assets and providing false information, leading to the revocation of its management registration [8][16].