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Former fund manager stands trial on insider trading
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A Shanghai intermediate court today held a public hearing of HSBC Jintrust Fund Management Co’s inside-trading case against its former fund manager Lin Tongtong.
Lin, 43, was accused of abusing the privilege to gain 1.85 billion yuan (US$298 million) in profit during his tenure between 2009 and 2013. Lin entrusted stock operation to his college mate with three accounts, trading 108 stocks including Gree Co and China Merchants Bank which involved total capital of up to 250 million yuan, according to the indictment.
“I confess the guilt but I didn’t mean to manipulate the market,” said Lin on the court.
Public prosecutor asked the court to sentence Lin to a five-year or lower fixed-term imprisonment while defense lawyer Zhai Jian insisted on fine punishment.
Lin left HSBC Jintrust in January due to health problem and turned himself in to the police on October 10. He started managing HSBC Jintrust Longteng fund in 2006. The average rate of return of the fund reached 145.86 percent, higher than 118.44 percent of like products, China Security Journal reported.
Before Lin, four other former fund managers were on trial at Shanghai No.1 Intermediate People’s Court in December according to court filings, including Wei Libo from Soochow Asset Management Co, Cheng Dong from HFT Investment Management Co, Mu Xudong and Zou Fanglin from Fortune SG Fund Management Co.
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