Note

SFC: The court upholds the prison sentence of insider trading for the former GEM listed financial manager

Verified Official
· Views 67

SFC: The court upholds the prison sentence of insider trading for the former GEM listed financial manager

Photo: Google Image

The Court of First Instance upheld the prison sentence of Ouyang Shaopeng (male), the former group financial manager of China Coalbed Methane Group Co., Ltd. (China Coalbed Methane) for insider trading but allowed him to execute the two charges simultaneously.

Ouyang was sentenced to imprisonment in 2019 and was later granted bail pending appeal. He is now in jail (Note 1).

When Tan Sile, a deputy judge of the High Court, ruled that Ouyang’s appeal was straightforward, he refused to accept all the appeals made by Ouyang. However, considering that it has been nearly nine years since Ouyang committed the crime, he used his discretion to order the imprisonment period to be executed simultaneously. Reduced his four-month prison sentence to three months (Note 2).

The Court of First Instance also ruled that the original fine of $120,000 and the investigation fee of $33,365 to be paid to the Securities and Futures Commission (SFC) remain unchanged (Note 3).

Ouyang was convicted of insider trading in China's coalbed methane earlier, and was sentenced to four months in prison by the Eastern Magistracy on Feb 19, 2019. A copy of the judgment (HCMA163/2019) is available on the Judiciary website (www.judiciary.gov.hk).

Reprinted from Wikifx, the copyright all reserved by the original author.

Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.

FOLLOWME Trading Community Website: https://www.followme.com

If you like, reward to support.
avatar

Hot

No comment on record. Start new comment.