Former manager’s illegal trading costs Bosera a six-month ban on new product launches
09 September 2013
By Asia Asset Management
The China Securities Regulatory Commission (CSRC) announced on September 6 that it has taken disciplinary action against Bosera Asset Management, suspending approval of any new products or service applications for six months after its former selected equity fund manager Ma Le was convicted of illegal trading.
The CSRC launched a probe into Mr. Ma’s trading in April, with the results indicating that Mr. Ma pocketed a total of 18.8 million RMB (US$3 million) by trading 76 equities with undisclosed information between 2011 March and 2013 May.
Mr. Ma joined Bosera Asset Management in 2006 as a research analyst. He was promoted to fund manager in early 2011. Mr. Ma left the firm in June 2013.
The regulatory watchdog reprimanded Bosera Asset Management for its deficient internal controls, which precipitated into significant losses for investors. As such, it chose to take strict punitive action in the form of the ban.
Mr. Ma’s ongoing case has been transferred from the CSRC into the judicial system.
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