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On October 13, 2021, the Zhejiang Securities Regulatory Commission issued an administrative penalty decision, imposing an administrative penalty on Qian Moujie, a financial planner of a securities business department in the jurisdiction, who privately accepted a client's entrustment to buy and sell securities, ordered the parties to make corrections, gave a warning, and imposed a fine of 150,000 yuan.
The financial planner speculated in stocks on behalf of customers for 4 years, compensated 870,000 yuan, and was fined 150,000 yuan
Party: Qian Moujie, from December 2013 to May 2018, worked as a financial planner (marketing) in the business department of Yuhang South Street of a securities company.
After investigation by the regulatory authorities, between July 11, 2014 and April 12, 2018, Qian Moujie privately accepted the entrustment of customer Jin Moufen to operate the "Jin Moufen" securities account to buy and sell securities, and accumulated 855 entrusted orders, with a cumulative transaction amount of 93.3737 million yuan, and the overall loss of securities transactions. Qian Moujie and Jin Moufen verbally agreed on the distribution of income, but did not agree to bear losses. Qian Moujie did not actually make a profit.
The party, Qian Moujie, pointed out in his statement and defense: First, he is a first-time offender and actively cooperates with the investigation. Second, there are no illegal gains, and the mistake has been recognized in the later stage and has not continued to trade. Third, it has fulfilled the court's judgment to compensate Jin Moufen for 870,000 yuan. Fourth, he is currently in a state of semi-unemployment, economic difficulties, and unable to pay fines. In summary, the parties requested a mitigated or mitigated punishment.
After review, the regulatory authorities believe that the penalty imposed on the parties has fully considered the circumstances that the parties violated the law for the first time, did not actually profit, cooperated with the investigation after the case occurred, and performed civil compensation liability, so the parties' statements and defense opinions were not adopted. Pursuant to Article 215 of the 2005 Securities Law, the regulatory authorities ordered the parties to make corrections, gave them a warning, and imposed a fine of 150,000 yuan.
During the year, many people were fined for "trading stocks on behalf of customers"
Counting this example, during the year, 7 securities practitioners have been fined for "trading stocks on behalf of customers", and all of them are employees of the securities business department:
1. In September 2021, the Guangdong Securities Regulatory Bureau imposed an administrative penalty on Li Mou'e, a customer service manager of a securities business department, for privately accepting the client's entrustment to buy and sell securities. After investigation: From January 29, 2016 to May 31, 2020, Li Mou'e privately accepted Zhang Moulan's entrustment to decide on trading funds and treasury bonds on behalf of "Zhang Moulan" securities ordinary account, with a total transaction amount of 19.86 billion yuan and a total loss. Lai did not receive a share of the proceeds. According to the regulations, the regulatory authorities ordered corrections, gave warnings, and imposed a fine of 200,000 yuan on their private acceptance of customer entrustment to buy and sell securities.
2. In June 2021, the Shanghai Securities Regulatory Bureau imposed an administrative penalty on Zhao Mou, a broker of a securities business department, who privately accepted the client's entrustment to buy and sell securities. After investigation: From August 31, 2016 to August 22, 2019, Zhao was entrusted by Fang X to operate the "Fang X" securities account for stock trading, with a total transaction amount of nearly 151 million yuan and a total loss. Zhao did not actually receive revenue sharing or remuneration. According to the regulations, the regulatory authorities ordered Zhao to make corrections, gave a warning, and imposed a fine of 300,000 yuan.
3. In May 2021, the Zhejiang Securities Regulatory Bureau imposed an administrative penalty on Huang Mouyan, an investment consultant assistant of a securities business department, for privately accepting the client's entrustment to buy and sell securities. After investigation: From March 7, 2019 to April 24, 2019, September 4, 2019 to January 6, 2020, and February 22, 2020 to April 8, 2020, Huang Mouyan privately accepted Huang Mouwei's entrustment to operate the "Huang Mouwei" ordinary securities account and credit securities account to buy and sell securities, with a total of 933 entrusted orders, a cumulative transaction amount of 80.309 million yuan, and a cumulative loss of 208,000 yuan. The source of funds in the securities account of "Huang Mouwei" is Huang Mouwei's own funds and the funds lent by Huang Mouyan to Huang Mouwei. Huang Mouyan did not receive revenue sharing and remuneration. According to the regulations, the regulatory authorities ordered him to make corrections, gave him a warning, and imposed a fine of 110,000 yuan.
4. In April 2021, the China Securities Regulatory Commission imposed an administrative penalty on Shan X, the account manager of a securities business department, for privately accepting a client's entrustment to buy and sell securities. After investigation: From October 21, 2015 to September 2, 2016, Shan privately accepted the entrustment of Yan X and used the securities account under Yan X's name to trade 20 stocks such as "Lidman" and "Zhongyuan Concord", with a cumulative purchase amount of 36.7523 million yuan and a cumulative sale amount of 48.1634 million yuan. On August 18, 2016, Shan received a remuneration of 300,000 yuan paid by Yan. According to the regulations, the regulatory authorities ordered Shan to make corrections to the private acceptance of the client's entrustment to buy and sell securities, gave a warning, confiscated 300,000 yuan of illegal gains, and imposed a fine of 300,000 yuan.
5. In April 2021, the Sichuan Securities Regulatory Bureau imposed administrative penalties on Liu Moujie, general manager of a securities business department, for privately accepting clients' entrustment to buy and sell securities. After investigation: From February 2014 to February 2019, Liu Jiajie privately accepted customer entrustment to operate personal securities accounts such as "Xu Mou", "Li Mouping" and "Cao Mou", as well as private equity fund securities accounts such as "United Investment Taoluo", "Golden Butler No. 1" and "Golden Butler No. 3", with a cumulative number of entrusted orders of more than 51,000 transactions and a cumulative transaction amount of nearly 6.547 billion yuan. Liu Moujie obtained 3.5064 million yuan of illegal income from it (all of which are transaction commission commissions). According to the regulations, the regulatory authorities ordered corrections in their private acceptance of clients' entrustment to buy and sell securities, gave a warning, confiscated 3.5064 million yuan of illegal gains, and fined 10 million yuan. At the same time, it will be banned from the market for 3 years.
6. In March 2021, the Guangdong Securities Regulatory Bureau imposed an administrative penalty on Shi Mouhua, a broker of a securities business department, who privately accepted the client's entrustment to buy and sell securities. After investigation: From January 16, 2018 to August 27, 2019, Huang Mouwu entrusted Shi Mouhua to manage the "Huang Mouwu" securities account, and Shi Mouhua decided the specific trading time and price, quantity, etc. and placed an order. Shi Mouhua did not receive the relevant revenue share from it, but received a corresponding commission commission of 3,224.02 yuan from the securities company. According to the regulations, the regulatory authorities decided to confiscate the illegal gains of 3224.02 yuan and impose a fine of 20,000 yuan.
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