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Star Chinese stock trader jailed for manipulating prices
BEIJING – A Chinese court says a celebrity stock trader who was arrested after a market collapse in 2015 has been sentenced to 5 1/2 years in prison for manipulating share prices and insider trading.
Xu Xiang and two co-defendants were sentenced Monday by a court in the eastern city of Qingdao. They pleaded guilty at the start of their trial in December.
Xu was one of a number of brokers and others in the securities industry who were detained after share prices plunged in 2015. That prompted suggestions the ruling Communist Party was trying to deflect blame for the rout that wiped out some $5 trillion in stock value.
Co-defendant Wang Wei was sentenced to three years and Zhu Yong received a two-year term that was postponed for three years.
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