Top Chinese securities brokers put behind bars for insider trading
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Qingdao Intermediate People's Court announces on Monday that three senior Chinese securities brokers are sentenced to prison for insider trading and manipulating stock prices on its official Weibo account. [Photo: weibo.com]

Three senior Chinese securities brokers were sentenced to prison on Monday for insider trading and manipulating stock prices in a first-instance judgment by the Qingdao Intermediate People's Court.

The court in east China's Shandong Province announced the judgment on its official Weibo account.

Xu Xiang, general manager of Shanghai-based investment firm Zexi Investment, was sentenced to five and a half years behind bars and fined 11 billion yuan, or around 1.6 billion US dollars. Wang Wei was sentenced to three years in jail and fined 1 billion yuan, and Zhu Yong received a two-year sentence with a three-year probation.

The three were found guilty of obtaining insider information via illegal methods, in addition to using 40 billion yuan to manipulate stocks prices, which had led to a profit of several billion yuan.

The three were arrested in Qingdao last April.

Author： 　　　Source：CRI　　　 Editor：Yang Fan