Not new news but we though we’d better report…
Ex-Morgan Stanley banker Du Jun was sentenced Friday to seven years in prison in Hong Kong?s biggest insider trading case ? an ?unprecedented? scam a judge said undermined the integrity of this leading Asian financial center.
Du Jun, a former managing director of the Wall Street investment bank, also was fined about 23.3 million Hong Kong dollars (about $3 million).
The 41-year-old Beijing-native showed little emotion as a Hong Kong judge chastised him for his ?greed? and ?dishonesty and fraudulence.? Du risked making the illegal trades even though he was earning well over $2 million a year at Morgan Stanley.
?The scale was unprecedented,? Judge Andrew Chan said, referring to the millions Du used in his trades.
Du?s lawyer Alexander King declined to say whether his client would appeal, only saying ?use your common sense.?
Du was convicted last week of nine counts of insider dealing for trading shares of Citic Resources Holdings Limited before the company?s announcement of an acquisition in 2007. He was also found guilty of a tenth related charge for helping his wife to deal in the shares.
Full article at 😕 http://blog.taragana.com/law/2009/09/18/ex-morgan-stanley-banker-sentenced-to-7-years-in-prison-in-hong-kong-insider-trading-case-12726/
