Penetrate layers of cover and lock in
2022-02-14
In the lobby of the former "Pujiang Hotel" at No. 15 Huangpu Road, Shanghai, there is a handwritten note of perennial exhibition, which reads: "stock investment is a 'high IQ activity', which must know astronomy and geography..." this is the "stock trading experience" of an old Shanghai shareholder. Risks and opportunities coexist, "high IQ activities" also derive many "high IQ crimes". Criminals use various means to manipulate the securities market and make illegal profits, which not only disturbs the normal trading order, but also seriously damages the interests of other investors. In recent years, Shanghai procuratorial organs have severely punished such acts and handled a number of major, difficult and complex financial and securities crime cases. Today, I tell you the story of handling the country's first case of false declaration type securities market manipulation. What is false declaration manipulation of the securities market? Referring to the provisions of the securities law, it refers to the behavior that the perpetrator uses the financial advantage to make frequent declaration and withdrawal or large-scale declaration and withdrawal, mislead others to make wrong judgment, and use the psychology of investors to chase up and kill down to grab illegitimate interests. From May 2012 to January 2013, the defendant Tang moujia, together with the defendants Tang YIB and Tang YIC, actually controlled more than 30 other people's securities accounts. Instead of for the purpose of transaction, the defendant frequently declared, withdrew orders or large-scale declarations and withdrawals of shares such as "China funded industry" and "Beijing Investment Yintai", and the amount of withdrawals within multiple trading days reached more than 50% of the total declared amount of the stock on that day. During the related time, the three defendants controlled the account group and obtained more than 25 million yuan of illegal income by carrying out transactions contrary to the false declaration. According to the past experience in handling cases, we know that most of the securities criminals use the securities accounts opened by others' information to cover up the crime and manipulate the stock price. How to penetrate layers of identity cover and lock the actual perpetrator is the first difficulty in handling cases. Therefore, we entrusted several different personal accounts involved in the case and checked and compared the Mac and IP addresses. It was found that the address information was highly coincident, which proved that it was operated by the same person and consistent with the defendant's action track. It proved that it was the defendant's control operation and finally successfully locked the actual controller of the securities account group involved, that is, the three defendants in the case. Some people may ask that withdrawal of declaration is not uncommon in stock trading. How to distinguish this behavior from false declaration of market manipulation? This is also the second difficulty we face in handling the case: how to prove that the defendant did it deliberately. In order to avoid subjective incrimination only based on the defendant's confession, we focus on the grasp of the abnormality of operation behavior, so as to presume and prove its subjective intention. We carefully investigated the defendant's behavior in the case and found two doubts: first, the defendant left room for cancellation while raising the price, which showed that the proportion of cancellation was high and the proportion of transaction was low; Second, after driving up the volume of market transaction price, frequently withdraw orders and conduct reverse transactions. All these show that they have no intention of transaction, but to create the illusion of strong buying or selling. Therefore, we come to the conclusion that the defendant has the subjective intention of manipulating the securities market. The three defendants in the case misled other individuals and even institutional investors with a large number of false signals of buying or selling, affected the trading price and trading volume of individual stocks in a short time, and sought huge illegitimate interests. Its behavior not only damages the interests of other investors, but also seriously destroys the order of securities trading, which must be severely punished by the law! In March 2020, the first intermediate court of Shanghai made a judgment of first instance and sentenced the defendant Tang Mou a to fixed-term imprisonment of three years and six months, the defendant Tang Mou B to fixed-term imprisonment of one year and eight months, the defendant Tang Mou C to fixed-term imprisonment of one year and suspended sentence of one year respectively for the crime of manipulating the securities market. The case is the first criminal case of manipulating the securities market by means of false declaration in China. It is the first time to confirm that the criminal acts of manipulating the securities market by means of false declaration should be investigated for criminal responsibility. It is gratifying that in the same period of the judgment of the case, Article 55 of the newly revised Securities Law once again emphasized the prohibition of manipulating the securities market by means of false declaration, strengthened the crackdown on market manipulation, absorbed the provisions of the judicial interpretation of the Supreme People's court and the Supreme People's court in 2019, and reflected the seamless connection between administration and criminal law. As a prosecutor, I am glad to always take the national law as a strong backing, strive to protect the rights and interests of investors, maintain the security and stability of the securities and financial market, and escort the economic and social development of Shanghai! (outlook new era)
Edit：Luo yu Responsible editor：Wang xiao jing
Source：jcrb.com
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