China’s securities regulator imposed a record penalty on Everbright Securities Co. (601788) after finding the state-controlled broker engaged in insider trading as it roiled the nation’s equity markets with errant trades two weeks ago.
Fines and the confiscation of illicit gains will total 523 million yuan ($85 million), the China Securities Regulatory Commission said in a statement on its website today. Four people including ex-President Xu Haoming will be banned from markets for life and the brokerage was barred from most proprietary trading, it said.
‘Enforcement 40’ for 2020
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