(Yicai Global) July 11 -- Yao Gang, former vice-chairman of the China Securities Regulatory Commission, has faced the music regarding charges of insider trading and taking bribes.
Prosecutors at the Handan Intermediate People's court in Hebei province accused Yao of crimes from 2006 to 2015, during which he had helped companies in share transfers, as well as in avoiding administrative punishments. He had also obtained confidential information about certain companies reorganization plans and initial public offerings, state-backed China Central Television reported.
The former vice-chairman had used the information to trade stocks and made CNY72 million (USD10.7 million) in profits, as well as in gifts which he deposited into his relatives' accounts.
Yao pleaded guilty, and the court said it will pronounce the sentence later.
Editor: Emmi Laine