A former Chinese stock market regulator who was detained after a collapse in share prices in 2015 was sentenced Friday to 18 years in prison on charges of taking bribes and insider trading.
Yao Gang, a former deputy chairman of the China Securities Regulatory Commission, was one of a series of prominent figures in Chinese finance who were detained after misconduct came to light following the market rout.
Yao, 56, also was fined 11 million yuan and stripped of 2.1 million yuan ($300,000) in insider trading profits, the Intermediate People’s Court in Handan, southwest of Beijing, announced on its social media account. He took 69.6 million yuan ($10.7 million) in bribes from companies to ease share trading and other restrictions from 2006 to 2015, the court said. It said he also traded on information he gained as CSRC vice chairman.