The "Fuxing Department" private equity institution that led the China Securities Regulatory Commission in 2020 illegally fundraising and manipulating the securities market series of private equity institutions ushered in the final trial.The Shanghai Second Intermediate Court publicly pronounced on Monday (22nd) that Fuxing Group was crime of funding fraud and manipulating the securities market. It was sentenced to a total of 2.1 billion yuan (RMB, the same below, about S $ 450 million).
Comprehensive 21 Financial Network and Reuters reported that the press release issued by the WeChat public account of the Shanghai Second Intermediate People's Court also stated that the chairman Zhu Yidong and the president Zhao Zhuoquan were all life imprisonment, deprived of political rights for life, and were separated from each other.The fine is 15 million yuan and 8 million yuan.The rest of the defendants were sentenced to three to 16 years in prison and corresponding property sentences for raising fraud, illegal absorption of public deposits, and manipulating the securities market for three to 16 years.
The press release of the Shanghai Second Intermediate People's Court showed that since September 2014, the defendants Zhu Yidong, Zhao Zhuoquan, Zhu Chengwei, Wang Yuan, Yu Liang and others illegally funded the public.By June 2018, Fuxing Group's illegal fund -raising of more than 56.5 billion yuan was illegally funded, and the principal of not redeemed a total of more than 21.8 billion yuan at the time of the incident.
In the meantime, the defendant unit Fuxing Group and the defendant Zhu Yidong, Zhu Chengwei and others concentrated their financial advantages, holding or positioning advantages, or using the information advantage of information or continuously trading the "Dalian Electric Porcelain" shares, which affects the transaction price of securities or the price of securities orSecurities trading volume, manipulating the securities market, the plot is particularly serious.
The Fuxing case has attracted much attention from the market. Not only is it because the case involves the large number of people and the scale of funds is large, but also because the case is a legally recorded private equity fund explosion.Zhu Yidong, a actual controller, fled many countries, and was brought to justice by the police by the end of August 2018.
Public information shows that Fuxing Group is a large private group integrating commercial real estate, asset management, finance, trade, and cultural media industries.The group controls four private equity institutions: Shanghai Xishang Investment, Shanghai Yilong Fortune, Shanghai Yutai Investment, and Yicaixing Fortune.At the end of June 2018, the people of Yilong Wealth Company went to the building, and the executives lost contact. The Fuxing case broke out.
