A Case of "Investor Protection, Clear Rules and Risk Recognition": Beware of being punished for "pillow wind" stock speculation

 

Insider trading refers to the illegal act of insider trading in securities trading and illegal acquisition of insider information before the disclosure of insider information. It has many manifestations in practice. The "pillow wind" insider trading is one of them. For example, the following two stories:

 

The wife of Zang Mou, the controlling shareholder of Z Company, Chen Mou, bought 60,000 shares of "H" before the suspension, and made a profit of 73,000 yuan after the sale.

 

Y of the listed company was suspended for planning non-public issuance of shares. Ye Mou, wife of Yu Mou, a staff member of Z Securities Company, bought 13,000 shares of "Y" before the suspension, and made a total profit of 97,000 yuan after the sale.

 

In these two stories, Zang Mou, the director of Z Company, the controlling shareholder of H Company, and Yu Mou, the staff member of Z Securities Company, are both insiders of securities trading insider information stipulated in the Securities Law. Their wives "happened" to buy stocks related to these information during the sensitive period of insider information. According to the provisions of Articles 73 and 76 of the Securities Law, the insider and the person who illegally acquires the insider information shall not buy or sell the company's securities until the insider information is made public. Article 2 of the Interpretation of the Supreme People's Court and the Supreme People's Procuratorate on Several Questions Concerning the Specific Application of Law in Criminal Cases of Handling Insider Trading and Leaking Insider Information also clearly stipulates this, including the close relatives of those who know inside information or other persons who are closely related to those who know inside information. In the period of information sensitivity, the stocks related to the insider information are bought and sold, and the trading behavior is obviously abnormal. If there is no justified reason or proper information source, the insider trading is constituted. Although the punished people all argued that they did not use the relevant information, they still refused to do anything and could not escape the punishment of the law if they did. This also reminds insider information informers, such as directors, supervisors and senior managers of listed companies, that securities companies, law firms, accounting firms and other intermediary employees who know insider information due to their positions or work reasons must keep the red line of professional ethics and the bottom line of legal provisions and manage them well.“ People around us are not "rats" in the capital market.

 

Many people think it's not very serious to ask for or listen to news, but insider trading is a serious illegal act. The law prescribes strict sanctions, which not only confiscate illegal income when earning money, but also impose a fine of more than twice and less than five times the illegal income, and impose a fine of 30,000 yuan for not earning money or even losing money. A fine of less than 600,000 yuan. If the circumstances are serious, such as the total amount of securities trading is more than 500,000 yuan, or the total amount of profits (to avoid losses) is more than 150,000 yuan, it will also constitute the crime of insider trading and be investigated for criminal responsibility. Huang Guangyu, the richest man of the year, is still in prison because of insider trading.

 

In addition, it also has a profound warning significance for investors. Don't try to sniff out gossip and listen to insider information, which contains huge legal risks and investment risks. Imagine, if the information is true, it may constitute a crime or even a crime. If it is false information, it is more than worth the loss. It is certain that the trap of "harmful spirit" has been sold and is still helping others count money.