Financial court rejects man's claims case illegal

A former securities company manager is appealing to Shanghai's Financial Court after he lost a suit against the city's security regulator which fined him more than 43 million yuan (US$6.3 million) for using his mother's accounts to trade stocks, the court heard Thursday.

It's the first finance-related administrative case the court has held a public trial for since it was established on August 20 last year, the court said.

According to the court, the local security regulator issued a written decision of administrative penalty against the man, surnamed Yang, on December 13, 2017. The decision said Yang used his mother's account to trade stocks and profited more than 14 million yuan. The regulator thought his deeds violated the securities law and decided to confiscate the money, as well as giving him a fine of over 43 million yuan.

Yang was unsatisfied with the decision and brought a suit to the Pudong New Area People's Court on March 16 last year, hoping the court would reverse the decision. He argued that the case lacked evidence. However, his demand was rejected by the court, which had him file an appeal.

During the hearing, facing Yang's accusation, the regulator said it has the legal right to enforce a penalty and its investigation, as well as the decision, were carried out according to the law. 

The court did not give a verdict on Thursday.