Zhejiang's rated “hitting new shares” fraud case

Impersonating the staff of the securities company, he called the nation’s shareholders to recommend the fictitious “new shares”. This afternoon, the Chuzhou Intermediate People’s Court of Zhejiang Province made a first-instance verdict on the province’s rated “hit new shares” fraud case. The first offender Cao Qian committed a contract fraud and was sentenced to 15 years’ imprisonment and a fine of 1 million yuan. The remaining 10 defendants were sentenced to two to 14 years and six months of imprisonment for contract fraud, with fines ranging from 2 to 900,000.

The court found that at the end of March 2008, Cao Qian, He Xinwen, and Li Changgen, etc., decided to set up a “company” through partnership in order to sell the fictional Everbright bank new shares to shareholders to defraud them of money. In addition to finding fake copies of the Everbright Bank’s website, forging fake agreements, subscription forms, reply letters, and shareholding cards, the company also purchased a large amount of stock information through online channels. Cao Qian was responsible for contacting the newspaper to publish advertisements for recruiting "salesmen". The remaining members went to Beijing to open relevant bank accounts and customer service calls.

Cao Qian and others hired office space in Fuzhou City, Fujian Province. The sales staff posing as the lead underwriter of Everbright Bank Shenyin Wanguoguo Securities Company staff, and called the shareholders of the country across the country to promote the new stocks of China Everbright Bank under the “Underline Subscription”. In order to obtain the trust of shareholders, the “company” not only provided the investors with the address of the false website of Everbright Bank, but also faxed the relevant purchase materials forged to the investors, who then returned the information. After receiving the remittance, the company also issued a "shareholder holding card" to the shareholders. The fraudulent money was transferred from Cao Qian to other accounts through online banking, and the company members and salesmen divided up.

In addition to conceiving new stocks in Everbright Bank, these people also promoted three fake new shares of Everbright Securities, Chongqing Laimei Pharmaceuticals and Beijing Bishuiyuan in the same manner. In addition, Cao Qian and others also cooperated with “Han Xue” and “Wang Dong” to lend fake websites, purchase materials, and bank accounts to “Han Xue” and other people. Cao Qian’s company after each fraud was successfully selected 1.8 yuan commission.

According to statistics, between March 2008 and July 2009, a total of 60 victims were deceived, and the total amount of fraud was 3.68 million yuan.

The court held that the 11 defendants had joined each other, and for the purpose of illegal possession, fraudulently used the name of another unit, signed contracts with fictitious facts, and defrauded others of their property, all of which had constituted fraud and made the above judgment.

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