Man sentenced for insider dealing
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A 41-year-old man was sentenced at the District Court today (September 18) to 7 years of imprisonment and a fine of $23 million for nine counts of insider dealing and one count of counseling or procuring another person to deal in shares whilst having insider knowledge.

The court heard that in May 2008, Commercial Crime Bureau (CCB) received a referral from the Futures and Securities Commission over an insider dealing case. Police investigation revealed that the 41-year-old-man had obtained insider information from his position as a managing director of an investment bank and traded in the shares of a listed company involving about $87 million prior to public announcement of price-sensitive information on May 8, 2007.

He was arrested by CCB officers on July 10, 2008 and subsequently charged with insider dealing and counseling or procuring another person to deal in shares whilst having insider knowledge. The defendant was convicted and sentenced was handed down today.

Police Report No. 7
Issued by PPRB


Ends/Friday, September 18, 2009
Issued at HKT 22:14

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