Shanghai Financial Court sentenced first instance: Fresh compensation for investors lost 4.7 million yuan

Zhongxin Jingwei, September 29. The WeChat News of the "Shanghai Financial Court". On September 29, the Shanghai Financial Court made a first -instance judgment on the case of the plaintiff investor to manipulate the securities trading market liability dispute. The case is the first national main board market trading and information -type manipulation of securities manipulation of infringement liability disputes. It is also the first securities infringement case that is applied to the priority of civil compensation liability and pays priority to investors for criminal fines.

The Shanghai Financial Court stated that the case involves the main board market securities manipulation and determination, the cause and effect relationship of investor transactions and the operation of manipulation, and the calculation method of investment losses, which have typical significance.

Fresh words have been administrative punishment and criminal conviction for manipulating the stock price and transaction volume of the shares and transaction volume of the shares and transaction volume of the shares of the bump financial information service (Shanghai) Co., Ltd.

On March 30, 2017, the China Securities Supervision and Administration Commission made [2017] No. 29 "Administrative Penalty Decision". It is determined that the fresh words will be used from January 17, 2014 to June 12, 2015. The shareholding advantages and information advantages are continuously traded. The transactions and false declarations of securities accounts that are actually controlled by their own actual control will be manipulated to manipulate the securities market illegal acts, ordered the handling of illegal securities in accordance with the law. fine.

On December 21, 2020, the Shanghai Senior People's Court issued a criminal judgment of effectiveness to determine that the stock price and transaction volume of shares and transactions using the information advantage to use information advantages to manipulate the securities market. Yuan and recovered illegal income.

Thirteen plaintiff investors advocated the loss of shares of the target company's stock during the manipulation of fresh words, requiring fresh words to compensate all economic losses including investment difference, commission, stamp duty, etc.

Fresh recognition has implemented securities manipulation behavior, but believes that its operations ended on June 12, 2015. Since then, investors' trading behavior has no causal relationship with it; Investors have irrational investment behaviors, and they should bear the corresponding responsibility for investment losses; information -type manipulation constitutes a false statement of securities, and the target company shall bear the main compensation liability and so on.

The Shanghai Financial Court heard that according to Article 77 of the Securities Law in 2014, it is forbidden for anyone to manipulate the transaction price or securities transaction volume of securities market in various means, and to manipulate the securities market behavior to cause losses to investors and actors. The liability for compensation shall be assumed in accordance with the law. In the end, the Shanghai Financial Court ordered the defendant to compensate the plaintiff for a total of more than 4.7 million yuan.

Because of the accountable responsibility and criminal liability, it has been unable to bear the liability for civil compensation in this case. Investors may face the risk of no property to execute. According to the principle of civil compensation liability established by Article 232 of the Securities Law in 2014, the Shanghai Financial Court has preserved the corresponding payments in the criminal cases of the securities market in the securities market. After the verdict takes effect, the above amounts can be used to implement the liability for compensation determined by civil judgments, and to the greatest extent to achieve the right to relief of securities small and medium -sized investors. (Zhongxin Jingwei APP)

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