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Chinese stock "prophet" jailed for illegal business operations |
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Friday, 23 May 2008 09:51 |
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A self-styled "prophet" of China's stock market has been jailed for three years and fined 600,000 yuan (86,333 U.S. dollars) for illegally selling share tips over the Internet. Wang Xiujie, known to Chinese Internet users as "Big Brother Leader 777" was convicted on Friday at the Luyuan District People's Court in Changchun, Jilin Province, of running an illegal business. Wang, who was detained by police last July for selling stock tips to subscribers through his blog, had boasted his predictions had a 90-percent accuracy rate. Wang, 35, made a total of 205,000 yuan by selling tips to 16 people from May 2006 to May 2007, the court heard. The court also ordered the confiscation of his illegal earnings. He labeled himself the "patron saint" of individual investors and his blog received more than 30 million hits as speculators rushed to cash in on the bull market last year. Chinese law prohibits the provision of securities consultancy services without the approval of the China Securities Regulatory Commission. Wang did not say whether he would appeal the court's decisions.
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