On July 23, the China Securities Regulatory Commission notified the penalties for the first batch of financial fraud cases that applied the new Securities Law, involving listed companies Yihua Life, Guangdong Rongtai,China Diving. Dong Wenyuan, deputy director of the Office of the Penalty Committee of the China Securities Regulatory Commission, introduced that in recent years, the China Securities Regulatory Commission has continued to increase its investigation and handling of vicious cases of financial fraud and market manipulation, resolutely implement the requirements of the new securities law, and effectively increase the cost of violations in the capital market, and strengthen Supervision and law enforcement are deterred. Recently, the first batch of vicious cases of applying the new Securities Law to punish financial fraud has entered the stage of prior notification or administrative penalty decisions, with a maximum fine of nearly 40 million yuan.
According to reports, Yihua Life, Guangdong Rongtai,China DivingThree typical cases showed long-term systematic financial fraud, involving a huge amount of money, a long duration, and the longest span of 4 years; the actual controller’s core decision-making and organization implementation were subjectively malignant; the fraudulent methods were complicated and concealed, and the form was constantly refurbished and other violations. Violations and other characteristics.
Dong Wenyuan introduced that the China Securities Regulatory Commission resolutely uses the new securities law sharp sword, uses heavy codes and punches to maintain market confidence and protect the legitimate rights and interests of investors. It upholds the following law enforcement concepts: First, for cases with sufficient evidence and clear facts of violations, In serious cases, if you hit it to the end, you will “snap your muscles and bones” and never “tick it.” All of these cases were fined more than 10 million yuan and the responsible person was more than one million yuan, so that the offenders “know” and dare not dare. “Re-offending”; second, grasping the “critical minority”, precise strikes, distinguishing responsibilities, and distinguishing plots. The more obvious characteristics of this batch of cases are strict handling of the first crime, heavy penalties on the actual controller, and life-long market bans; third , Build a three-dimensional accountability system, resolutely transfer suspected crimes, and never tolerate them, allowing offenders to bear due responsibilities in administrative penalties, criminal attacks, and civil compensation. Except for the Guangdong Rongtai case, which has already made an administrative penalty decision, this batch of cases has been notified that the China Securities Regulatory Commission will handle the batch of cases as soon as possible in strict accordance with the law.
She said that the China Securities Regulatory Commission will earnestly implement the “Opinions on Strictly Cracking Down on Illegal Securities Activities in accordance with the Law” issued by the Central Office and the Office of the State Council, fully implement the “zero tolerance” work policy, make full use of the duties granted by relevant laws, and severely investigate and punish For vicious and illegal acts such as financial fraud, the relevant agencies and personnel shall be resolutely held accountable for violations of the law, and the three-dimensional accountability system of administrative law enforcement, civil recovery and criminal punishment shall be comprehensively used to form a joint force to crack down on illegal securities activities in accordance with the law, and to maintain the “three public” order of the market. Purify the market ecology and promote the steady and healthy development of the capital market.
(Source: China Securities Journal)