China Executes Rogue Trader, Millions Still Missing
December 9th, 2009Via: Reuters:
China on Tuesday executed a former securities trader for embezzlement, the first person in the industry to be put to death, but millions of yuan are still missing, a state newspaper said.
Yang Yanming was sentenced to death in late 2005 and took the secret of the whereabouts of 65 million yuan ($9.52 million) of the misappropriated funds to his grave, the Beijing Evening News said.
The report added that Yang was the first person working in China’s securities sector to be executed.
“Preserve your moral integrity and don’t set too much store by business results,” Yang told the newspaper before the sentence was carried out.
He was the general manager of the Beijing securities trading department of the China Great Wall Trust and Investment Corp., which became Galaxy Securities, from 1997 to 2003.
Conscious that the growing gap between rich and poor could generate resentment, China is battling corruption and stock trading abuses. It has used the death penalty as a deterrent in serious cases.
