A former stockbroker in Shanghai has been charged with manipulating the stock market, the municipal procuratorate said Tuesday.
Zhu Weiming, a former broker at China Development Bank Securities, allegedly purchased 15 stocks via three accounts under his control from February 2013 to August 2014.
He recommended the stocks when he was a guest speaker on a finance TV program. He then sold them one to two trading days later, with transactions totalling 40 million yuan (5.8 million U.S. dollars) and illegal gains of 750,000 yuan, said the indictment.
The Shanghai People's Procuratorate has filed a public lawsuit against Zhu.
In July 2016, the China Securities Regulatory Commission fined Zhu and prohibited him from entering securities market all his life after an investigation showed his behavior violated the Securities Law.