• July 12 14:42
    Former Financial Boss Xian Yan Stands Trial for Market Rigging

    Xian Yan, a high-profile investor who received a record fine from the securities regulator last year, stood trail Thursday in Shanghai on charges of damaging shareholder interests and market manipulation.

    Xian Yan, chairman of P2P Financial Information Service Co., is accused of fabricating transactions and violating information disclosure rules to manipulate the share price of the company he controlled. Xian made 140 million yuan ($21 million) in illegal gains, according to a statement issued by the Shanghai court.

    Xian denied the allegations at the hearing.

    Xian, 43, was fined 3.47 billion yuan by the China Securities Regulatory Commission in December for market violations, the biggest fine ever imposed by the securities regulator.

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