A technology company CEO was jailed for nearly five years and fined more than $100 million for insider trading, according to court documents.
A dozen former executives of the Chinese technology conglomerate, including CEO Li You, were convicted of insider trading and other offences, said the intermediate people’s court in Dalian, in northeastern China.
Li was sentenced to four and a half years in prison and fined 750.2 million Yuan (£87.11 million), it said.
Founder Group was established in 1986 with investment from Peking University and has ventured into IT, healthcare, real estate, finance, and commodities trading. The Founder executives were charged with insider trading, hiding financial information, and obstructing official business, with no accusations relating to Ling.