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Chinese fund manager jailed for insider trading

2014-03-29 00:26 Xinhua Web Editor: Wang Fan

A former fund manager of Bosera Asset Management Co. Ltd, one of the largest fund houses in China, has been jailed for three years with a five-year-reprieve for insider trading, a court said on Friday.

It has been the largest ever case in terms of the amounts involved.

Ma Le, a former Bosera fund manager between March 9, 2011 and May 30, 2013, was accused of buying stocks worth 1.05 billion yuan (171 million US dollars) and making a profit of 18.83 million yuan by purchasing shares using non-public information through three accounts that he controlled, according to the Shenzhen Intermediate People's Court.

Ma's illegal earnings of 18.83 million yuan were confiscated. He was also fined 18.84 million yuan, according to the court.

He did not appeal.

Ma turned himself to the police on July 17, 2013.

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