There were a number of illegal acts Putai Fund and the actual controller Chen Shuyang were punished

Beijing Business News (reporter Meng Fanxia Liu Yuyang) On December 24, the Jilin Securities Regulatory Bureau issued an administrative penalty decision against Jilin Putai Equity Investment Fund Management Co., Ltd. (hereinafter referred to as "Putai Fund").

According to the content of the decision, it was found that Putai Fund did not go through the fund filing procedures in accordance with the regulations; raised funds from individuals other than qualified investors, the number of investors in a single private fund managed exceeded the specific number prescribed by law; and promised investors that the investment principal would not be lost or promised a minimum return. The above conduct violates the relevant provisions of the Interim Measures for the Supervision and Administration of Private Equity Investment Funds. Based on the facts, nature, circumstances and degree of social harm of the parties' illegal acts, the Jilin Securities Regulatory Bureau decided that putai Fund should order corrections, give a warning, and impose a fine of 30,000 yuan.

It is worth mentioning that due to the above-mentioned illegal acts of the company, Chen Shuyang, who was the legal representative and actual controller of Putai Fund at the time, also received a market ban decision issued by the Jilin Securities Regulatory Bureau on December 24.

The decision pointed out that Chen Shuyang was the directly responsible supervisor for the illegal acts of Putai Fund, and decided to impose a ten-year ban on Chen Shuyang from the securities market. From the date of announcement of the decision, during the period of prohibition, in addition to continuing to engage in securities business in the original institution or serving as a director, supervisor or senior management of the original listed company or unlisted public company, nor may it engage in securities business in any other institution or hold the position of director, supervisor or senior management of other listed companies or unlisted public companies.