This was a misappropriation of 2 million yuan of ordinary funds. The fiery prosecutor found doubts from the confession, pulled out the threads and peeled the cocoon, and finally dug up a 100 million yuan insider trading case.
Recently, the third branch of Beijing Municipal People’s Procuratorate reported the detailed process of an insider trading case. The defendant in the case was Gao, the former chairman of a listed company. He was sentenced to five years and six months in prison and fined 17 million yuan.
In handling the inquiry of Gao, Chen and others suspected of misappropriating funds, a fund of 2 million yuan attracted the attention of prosecutors. “This is the source of my 2 million yuan for the divorce.”
Source: Beijing No.3 Inspection Branch
It is reported that Gao, as the party who delivered the property in the divorce case, not only actively contacted others to help achieve the purpose of rapid transfer of shares, but also paid a high fee of 2 million. This performance is not in line with common sense.
The fiery eyed prosecutor soon discovered the possible fishiness, which brought to the surface a case of insider trading of more than 100 million yuan.
After investigation, it was found that Gao was the chairman of a listed company. In 2015, the listed company was placed on file for investigation on suspicion of unit crime, and the case was transferred for examination and prosecution in February 2016. In March of the same year, Gao signed the prosecution opinion on behalf of the company.
According to the law, if the company is suspected of committing a crime and is put on file for investigation according to law, it is a major event that may have a great impact on the stock trading price, and it is insider information before it is made public.
Gao knew that once the news was made public, it would inevitably lead to the fluctuation of the company’s share price. Therefore, he not only failed to disclose the information in time according to the regulations, but also played his own “abacus” and began to plan how to sell his shares at a high price.
In May 2016, Mr. Gao sold all of the more than 1 million restricted shares under his name. At this time, there are more than 3 million executive lock-in shares under Gao’s name, which cannot be transferred temporarily according to the law.
At this time, Chen appeared. Gao sought help from Chen, a “faxiao” who studied law, in order to quickly transfer shares to others.
Chen first introduced a lawyer to Gao and helped his ex-wife apply to the court for a payment order in the name of paying off debts, requiring the transfer of shares in the company under Gao’s name, but later failed because he did not meet the application conditions. Later, Chen learned that Gao had signed a divorce agreement with his ex-wife and suggested that Gao smoothly transferred his shares to his ex-wife by dividing the divorce property. Under the control of Gao, the shares transferred to his ex-wife were quickly sold out.
After all the shares were sold, Gao’s listed company announced the risk notification of the company’s suspected unit crime according to its arrangement, and announced the daily limit of the company’s shares. In the process of selling the company’s shares twice, Gao’s insider trading amounted to 108 million yuan.
When Gao committed a criminal act, the administrative regulatory authorities also paid attention to the abnormality of Gao’s trading behavior and inquired about the relevant situation. However, due to information asymmetry, the regulatory authorities failed to confirm that Gao was aware of the real time when his company was suspected of committing a crime, and did not find that Gao used improper means in transferring shares, so that Gao narrowly escaped administrative punishment.
After discovering the criminal clues of Mr. Gao’s suspected insider trading, the prosecutor actively guided the public security organ to timely obtain the divorce procedures, transaction flow, capital whereabouts and other materials of Mr. Gao and his ex-wife, and fixed the evidence of key time nodes such as Mr. Gao’s knowledge of the unit’s suspected crime, his eagerness to transfer shares under his name, and the announcement of the controlling company, Improved the evidence system accusing Gao of insider trading.
In the face of conclusive evidence, Gao finally pleaded guilty to the prosecution and returned 16 million yuan of illegal income. The court also adopted the accusation opinions and sentencing suggestions of the procuratorial organ, and finally sentenced Gao to fixed-term imprisonment of five years and six months and a fine of 17 million yuan.
Interface news found the criminal judgment of the case on the trial information network of Beijing court. The listed company involved in the case is Beijing Tensyn Digital Marketing Technology Joint Stock Company(300392) ( Beijing Tensyn Digital Marketing Technology Joint Stock Company(300392) . SZ), and the person involved is Gao Peng, the former chairman of Beijing Tensyn Digital Marketing Technology Joint Stock Company(300392) company.
It is worth noting that Beijing Tensyn Digital Marketing Technology Joint Stock Company(300392) has been repeatedly supervised due to many defects in information disclosure.
On December 29, 2021, Beijing Tensyn Digital Marketing Technology Joint Stock Company(300392) announced that the company received the decision on administrative punishment issued by Beijing Securities Regulatory Bureau due to the failure to disclose the external guarantee matters in time Beijing Tensyn Digital Marketing Technology Joint Stock Company(300392) once provided pledge guarantee for subsidiaries in March 2019, with a guarantee amount of about 108 million yuan, but it has not been disclosed as of the disclosure of the 2020 annual report.
On December 21, 2021, due to the company’s failure to disclose major litigation and the freezing of shares of controlling shareholders and actual controllers in time, Beijing Securities Regulatory Bureau took administrative regulatory measures to order Beijing Tensyn Digital Marketing Technology Joint Stock Company(300392) and relevant responsible persons to make corrections.
