Two stock analysts were fined a combined 760,000 yuan (US$115,500) for manipulating share prices by releasing false recommendations and company news to the public, China's top securities supervisor ruled.
However, it was unclear how much money, Deng Xiaobo, an analyst with a mutual fund in Shenzhen, and Deng Xiyuan, who works for Guangzhou-based Wanlian Securities, earned through their actions. The clients they represented lost nearly 4.34 million yuan combined.
Deng Xiaobo was fined 330,000 yuan while Deng Xiyuan was slapped with a 430,000 yuan fine.
From January 10, 2008 to July 8, 2008, the two published 36 articles on some major business websites recommending stocks they had already bought for their clients. After the articles were released, they waited for the share prices to rise to sell at a profit, according to the China Securities Regulatory Commission.
The CSRC did not explain how the clients lost money.
China bans stock analysts from trading shares with their own accounts.
