Ex-banker from Morgan Stanley convicted for 7 years
Hong Kong court sentenced the former banker at Morgan Stanley in Hong Doo seven years imprisonment and a fine of 23.3 million Hong Kong dollars (3 million U.S. dollars). The verdict came after an investigation of “unprecedented” insider trading case in the country. 40-year-old Hong, who is a native of Beijing, has received the maximum sentence a judge in the case declared that his behavior was “horrible, dishonest and corrupt”, submitted AR. “The amount of fraud is unprecedented,” said the judge referring to the millions that Hoon is a madman in unauthorized transactions. The lawyer of the accused has not indicated whether the sentence will be appealed. Hoon was indicted on nine insider transactions in shares of Citic Resources Holdings Limited previously announced by the company in 2007 news for acquisition of another company. Allegations have been raised and that he helped his wife and to deal with the same shares.
According to the indictment the defendant has bought 26.7 million shares of Citig Resources in nine transactions between February and April 2007. During this period he had access to confidential information about plans to acquire the company owns the oil field in Kazakhstan for $ 1 billion. Unauthorized transactions by Hoon drew profit of around 4.3 million.
The case is the tenth case of insider trading since this type of transactions were declared criminal in 2003.
Tags: Hong Doo, Hong Kong, Hong Kong court, Hoon, Morgan Stanley