Trader EXECUTED in China

Discussion in 'Trading' started by MohdSalleh, Dec 8, 2009.

  1. China executes rogue trader, millions still missing
    Tue Dec 8, 6:29 am ET

    BEIJING (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.

    ($1=6.828 Yuan)

    (Reporting by Ben Blanchard; Editing by Nick Macfie)
  2. Whole new meaning to getting killed in the markets.
  3. guru, I know that you joke is really funny :)

    However, may we respect this poor dude... What ever cheating ( dying or jail ) is a bad idea in the long run...
  4. TraDaToR


    If I'm right, about 2-3 years ago, a copper trader( trading with the "regime" funds if I recall), escaped China leaving his book alone with millions in losses... I hope they never found him or he will be the second.
  5. tripleE


    He was NOT a trader. He was a broker.

    Don't defame traders, please.

    Traders are hard working people, while brokers are must be dishonest. Brokers cheat traders. They are two different ends of the trading business.

    To be a broker, especially a currency broker, you have to be very very very dishonest. Dishonesty is a job requirement for a broker! You must know how to deceive a trader, especially a retail trader.
  6. KCalhoun


  7. Wallet


    Good grief,

    Do you have enough dough to trade bank direct? If so, go ahead and bash the brokers, but without them most people would not be able to access the markets.

    Yes there are some bad apples in every barrel, but most just provide a service, and try to do so without their respective back sides being exposed.

  8. Why?

    why wouldn't we respect cheating politicians and people who cheat on their spouse, or stealing?

    I don't know where to draw the line, at least we should respect them to be caught? i don't think so.

    #10     Dec 8, 2009