Jiang Ning, The Former Fund Manager Of Huabao Fund, Illegally Made A Profit Of More Than 100 Million Yuan. Family Type And Nest Case Type "Rat Positions" Frequently Stir Up The Public Offering

Until now, the fund manager of the fund, such as the fund manager of HSBC, will talk about the fund.

Recently, a case of "rat warehouse" with illegal profits of more than 100 million yuan broke the record of public offering "rat warehouse".

According to the latest criminal judgment, Jiang Ning, the former fund manager of Huabao fund, disclosed the investment information of the industry selected fund obtained by taking advantage of his position to her husband Wang and his father. Wang and Jiang controlled the use of other people's securities accounts. The information was used to buy and sell 188 shares of the same kind before, at the same period or a little later than the industry selection fund, with an accumulated transaction amount of 29.9 600 million yuan, with an illegal profit of 114 million yuan.

This is also the largest case of the amount of money involved and illegal profit in the public offering industry "rat warehouse" exposed in recent years.

As a matter of fact, since Tang Jian was punished for his "rat position" in 2008, Wang Limin, former fund manager of China Southern Fund, Tu Qiang, former fund manager of Jingshun Great Wall Fund, Liu Hai, former fund manager of Great Wall Fund, Han Gang, former fund manager of Great Wall Fund, Huang Lin, former fund manager of Guohai Franklin, Xu Chunmao, former fund manager of Everbright Baode trust, and former fund manager of Bank of communications Schroeder fund Li zhengtuo, Li Xuli, Wu Chunyong and other fund managers were punished by the regulatory authorities.

According to the reporter's incomplete statistics of the 21st century economic report, the number of people involved in the "rat storehouse" has exceeded 40.

The worst "rat house"

Corresponding to Jiang Ning, the former fund manager of Huabao fund, who made illegal profits of hundreds of millions of "rat positions", some fund managers suffered losses.

For example, the case of Shi Xiantao, the former fund manager of Ping An fund, traded 105 stocks earlier or synchronously with Ping An Xinxin pioneer account and Ping An smart China fund account, with a convergence trading amount of 320 million yuan and a loss of 3.764 million yuan.

Finally, the Shenzhen intermediate people's court sentenced him to three years' imprisonment, suspended for four years and fined him 500000 yuan.

According to the data, Shi Xiantao served as the fund manager of Ping An Dahua smart China flexible allocation hybrid securities investment fund from November 2015 to August 2016; from February 2016 to August 2016, he served as the fund manager of Ping An Dahua Xinxin pioneer hybrid securities investment fund; from March 2016 to August 2016, he served as the fund manager of Ping An Dahua Ruixiang cultural and entertainment flexible allocation hybrid securities investment fund.

Earlier, there was the case of Huang Lin, the former fund manager of Guohai Franklin fund, in 2010. From March 2007 to April 2009, Huang Lin was the fund manager of Guohai Franklin China Income Fund. He operated an account under his control. He bought and sold the same shares before or at the same time with the China Income Fund under his management, involving eight stocks and losing 54000 yuan.

In May 2014, Zhong Xiaojing, former fund manager of HSBC Jinxin fund, was disqualified from fund practice by Shanghai Securities Regulatory Bureau and fined 200000 yuan for "trading with undisclosed information".

From July 20, 2009 to January 3, 2012, Zhong Xiaojing was the fund manager and reserve post of HSBC Jinxin stable profit increase fund, and obtained the inquiry right of investment variety information of 11 stock funds and hybrid funds managed by HSBC Jinxin. Zhong Xiaojing used her own securities account and Zhang's securities account with partial control power to buy shares of the same company at or slightly later than the funds of HSBC Jinxin, trading 12 stocks, with a total purchase amount of 3.248511 million yuan and a loss of 84500 yuan.

Frequent occurrence of "nest cases"

In fact, in the case of public offering "rat warehouse", there are also fund companies emerging "nest cases".

In the case of Huaxia Fund earlier, as many as 7 people were involved in the case, which also set a new industry record.

In 2014, Luo Zeping, former fund manager of Huaxia Fund and Liu Zhenhua, former general manager of trading management department, were investigated.

According to the disclosure, since 2009, Luo Zeping, the former fund manager of Huaxia Fund, has disclosed the information of the fund's position or the stock to be bought and sold to her family members by taking advantage of her position. She conspired with her brother Luo, using the securities accounts of Zhou and Wang to trade in order to evade supervision. She traded stocks with the help of unpublished information and illegally gained more than 13 million yuan.

According to the survey, during her tenure as a fund manager, Luo Zeping was fully responsible for the investment decisions and trading orders of the fund products under her management. During her tenure of office, she knew all the information about the subject matter, direction, price and quantity of the above fund products. At the same time, during the period when the stock accounts of Zhou and Wang were controlled by their brothers and sisters, the convergence ratio of the stocks purchased by Zhou and Wang and the funds purchased by Luo's fund exceeded the reasonable explanation and possible limits, and the profits were huge.

Liu Zhenhua is the former general manager of transaction management department of Huaxia Fund Management Co., Ltd.

From February 28 to December 31, 2009, Liu Zhenhua used his position to master the trading varieties, quantity, price, time and position of all the stock funds managed by Huaxia Fund Management Co., Ltd., and bought the same stocks from the stock fund product account managed by Huaxia Fund Management Co., Ltd. during the same period, he nearly bought more than 120 million yuan and illegally gained more than 3 million yuan.

From March to September 2009, Liu Zhenhua was suspected of using two accounts of Liu and Du to conduct rat trading. Although it is only half a year, Liu Zhenhua trades very frequently. According to big data calculation, there are more than ten stocks with convergence trading every month, and the stocks of famous companies are mainly stocks, including Wuliangye, China Southern Airlines, Minsheng Bank, etc.

In addition, Haifutong fund, Bank of communications Schroder fund and other companies also have a number of fund managers under investigation.

In 2014, the CSRC disclosed that five former or current fund managers of Haifutong fund, including Jiang Zheng, Chen Shaosheng, Mou Yongning, Cheng Dong and Huang Chunyu, were suspected of trading with undisclosed information.

According to the data, Jiang Zheng was accused of providing non-public information to his relatives and providing part of the transaction funds. His cumulative transaction amount was 180 million yuan, and the illegal profit was about 3.15 million yuan. Mou Yongning was accused of using the unpublished information to trade, with an accumulated transaction amount of more than 100 million yuan, and a total of about 5 million yuan of illegal profit. Cheng Dong was charged with illegal gains by using unpublished information The profit was 2.07 million yuan, and the accumulated transaction amount was more than 69 million yuan.

In fact, reporters from the 21st century economic report have found that many fund companies have more than one "rat position" case, including Yinhua Fund, ICBC Credit Suisse fund, HSBC Jinxin fund and so on.

"Rat trading has done great harm to the brand of public funds. Some companies have suffered a lot after the crime. The fund industry has always been zero tolerant of rat trading." A Beijing public fund source said.

People close to the regulatory authorities pointed out that rat warehouse is essentially an individual behavior, which violates the basic integrity principle of professional managers, is a serious professional ethics problem and is also suspected of committing crimes. At the same time, this kind of behavior has seriously damaged the public interest and the management of the whole financial industry.

More than 40 cases of "rat storehouse"

Tang Jian, former fund manager of Shanghai Investment Morgan fund, is the first "rat warehouse" case officially reported by the CSRC.

According to the data, Tang was established in September 2006 as the manager of Shanghai Investment Morgan growth pioneer fund. In 2007, China Securities Regulatory Commission launched an investigation into it.

Tang Jian's illegal act was: in March 2006, Tang Jian served as researcher of Shanghai Investment Morgan and assistant manager of alpha fund. In the process of performing his duties and recommending to relevant fund secondary stock pools and alpha funds to buy "Xinjiang Zhonghe" stocks, Tang Jinlong securities account controlled by himself was used to buy "Xinjiang Zhonghe" stock before alpha fund, and then continued to purchase "Xinjiang Zhonghe" stock Continued trading of the stock, profit 289600 yuan.

In addition, from April to May 2006, Tang Jian made illegal profits of 1.2376 million yuan for himself and others by using the "Li Chengjun" securities account to continuously buy and sell "Xinjiang Zhonghe" stocks.

Finally, the SFC cancelled Tang Jian's qualification for fund practice and banned him from entering the market for life. In addition, Tang Jian's profit of 1.5272 million yuan through rat trading was confiscated and a fine of 500000 yuan was imposed.

Although Tang Jian case is not the largest case involved, it has a far-reaching impact on the market.

People close to the regulator pointed out that the fund manager is entrusted by others to manage and use the fund assets for the benefit of fund share holders. The relationship between the fund manager and the fund share holders is a kind of trust relationship. The fund manager and the fund practitioners have the duty of loyalty to the fund and the fund share holders. They must fulfill their duties, perform the duties of good faith, prudence and diligence, and shall not engage in the behavior of conflict of interest, and shall not place their own interests above the interests of the fund assets and fund share holders They shall not make use of their position or advantages for personal gain in the course of performing their duties or handling business.

"While performing the duties entrusted by the company to participate in the investment and management of the fund assets, and on the other hand, relying on the convenience of the position, using the non-public fund investment information to buy and sell the same stocks for their own interests and other people's interests and make profits. This is a serious conflict of interest behavior, which violates the legal obligations of fund practitioners and should be severely punished." A public fund source said.

In fact, after the case of Tang Jian, the storm of "rat beating" by the regulatory authorities quickly came.

Just a few months after Tang Jian was investigated, Wang Limin, the former manager of Nanfang Baoyuan bond fund and southern component selection fund, was investigated for suspected "rat trading", becoming the second case in the industry.

According to the reporter's incomplete statistics of the 21st century economic report, the number of people involved in the "rat storehouse" has exceeded 40.