Beijing Court Forces Stock Fixer Xian Yan to Pony Up USD506 Million Fine

Beijing Court Forces Stock Fixer Xian Yan to Pony Up USD506 Million Fine

Liao Shumin

Date: Thu, 09/13/2018 - 21:13 / source:Yicai
Beijing Court Forces Stock Fixer Xian Yan to Pony Up USD506 Million Fine
Beijing Court Forces Stock Fixer Xian Yan to Pony Up USD506 Million Fine

(Yicai Global) Sept. 13 -- A Beijing court has issued a compulsory execution order dictating that Xian Yan, who was charged last year for manipulating stocks, must cough up his almost CNY3.5 billion (USD506 million) fine for his wrongdoings.

Beijing Xicheng District Court delivered the verdict to Xian at the Shanghai Second Detention Center where is currently holed up.

The fine was the second-largest ever dished out for such a crime, and came with a lifelong ban from the mainland securities market. Xian made false reports to the stock market and fixed the stock price of his company, Guangxi Future Technology (now Guangxi Fortune Technology), via insider trading between January 2014 and June 2015.

As Xian failed to pay up, the China Securities Regulatory Commission, the country’s top securities watchdog, filed a suit at the Beijing court requesting the compulsory execution order.

The CSRC added Xian to the Lao Lai in July, a list of people with poor credit history who are banned from trains, traveling abroad and taking out loans on the Chinese mainland. The list now holds 46 names including Jia Yueting, the controversial entrepreneur behind the embattled LeEco conglomerate and his new electric car startup Faraday Future.

Editor: James Boynton

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Keywords: Xian Yan, China Securities Regulatory Commission, Compulsory Execution, Stock Manipulation, INSIDER TRADING