On January 7, Fayan learned from the Shanghai Xuhui District People's Court that Zhang Mingwei, manager of the investment banking department of Shenwan Hongyuan Securities, had been sentenced to 11 years for defrauding 3.1 million yuan.
By the time he was arrested in 2018, Zhang Mingwei had changed 2 jobs, first to Changjiang Securities, and then to Cinda Securities. After leaving Cinda Securities, Zhang Mingwei was officially arrested.
After trial, it was ascertained that in August 2012, defendant Zhang Mingwei joined Hongyuan Securities Co., Ltd. and successively served as deputy general manager of the structured financing department and project manager of the eighth department of the investment bank. In January 2015, Shenyin Wanguo Securities absorbed and merged Hongyuan Securities and changed its name to Shenwan Hongyuan Securities.
In mid-2014, four Jiangxi small loan companies, including Guangxi Guangxin Small Loan, Yingtan City Xinjiang Guangda Small Loan, Fengyi County Xiangshang Small Loan and Ganzhou Zhanggong District Huihe Small Loan, negotiated asset securitization cooperation projects with Hongyuan Securities (later renamed Shenwan Hongyuan Securities) and established the Jiangxi Provincial Microfinance Company's 2015 Small Loan Asset Support Special Plan (referred to as the Special Plan), and Zhang Mingwei was the main person in charge of the special plan.
In June 2015, during the implementation of the special plan, Zhang Mingwei issued a guarantee to Shenwan Hongyuan Securities Company and Jiangxi Microfinance Company as a fictitious China Export and Credit Insurance Corporation (hereinafter referred to as China Credit Insurance), and provided a forged "Jiangxi Provincial Microfinance Company 2015 Microfinance Asset Support Special Plan Guarantee Commitment Letter" issued by China Credit Insurance Company. In July of the same year, Shenwan Hongyuan Securities exchanged funds of 500 million yuan.
In August of the same year, Zhang Mingwei defrauded four small loan companies of 775,000 yuan, a total of 3.1 million yuan, to the account of Beijing Jinhongyuan Trading Co., Ltd. (hereinafter referred to as Jinhongyuan Company) designated by Zhang Mingwei on the grounds of false guarantees. Zhang Mingwei transferred the above-mentioned 3.1 million yuan guarantee fee to his family or used it for the operation of Jin Hongyuan Company.
In response to the above facts, Zhang Mingwei and his defenders proposed that the 3.1 million yuan collected by Zhang Mingwei was collected for Jiangxi Microfinance Company to provide consulting services on the listing on the New Third Board. However, this statement was not agreed by the court, which pointed out that Zhang Mingwei not only fabricated the facts of the guarantee but also provided a forged guarantee letter by taking advantage of the opportunity of the cooperation project, which met the elements of the crime of contract fraud.
To this end, in 2018, the Shanghai Securities Regulatory Bureau issued a warning letter to Zhang Mingwei, who had left Shenwan Hongyuan and jumped to Cinda Securities in 2017.
But this warning letter is to "settle old accounts".
The Shanghai Securities Regulatory Bureau listed Zhang Mingwei as "four deadly sins." Zhang Mingwei has the following problems in serving as the main person in charge of the Jiangxi small loan project:
First, the due diligence of the guarantee institution was not in place, and the seal used in the project guarantee commitment letter could not be found to be forged;
Second, the content of the due diligence report is not standardized, and the personnel who actually participated in the on-site due diligence work of the original rights holder did not sign the due diligence report;
Third, the basic assets purchased by the circular purchase were not reviewed in accordance with the standard terms of the project and the plan description;
Fourth, the basic asset information such as the loan contract for the purchase of the underlying assets was not properly kept.
The Xuhui District People's Court held that defendant Zhang Mingwei, for the purpose of illegal possession, defrauded others of a total of RMB3.1 million in the process of signing and performing a contract, an amount of which was particularly huge, and his conduct constituted the crime of contract fraud.
In the first instance, defendant Zhang Mingwei was convicted of contract fraud and sentenced to 11 years' imprisonment, deprivation of political rights for three years, and a fine of RMB 200,000.
Source:
Criminal Judgment of the First Instance of Zhang Mingwei's Contract Fraud
Shanghai Xuhui District People's Court (2019) Hu 0104 Xingchu No. 731
Shanghai Securities Regulatory Decision [2018] No. 123