13 years for broker who stole from his clients

Updated 2017-03-22 09:31:04 Shanghai Daily

A former stockbroker who fled Shanghai 14 years ago with 3.6 million yuan (1,845) stolen from clients has been sentenced to 13 years in prison for embezzlement and misappropriation of funds.

Wu Jianguo, 49, used to be a client manager of a China Eagle Securities outlet on Pudong Avenue. But when he was caught last June, he was working as a delivery man.

Pudong New Area People's Court said Wu had access to more than 200 million yuan of investors' funds. From December 1997 to March 2002, he siphoned off 50 million yuan to speculate in stocks and set aside 20 million yuan for his own use.

He prospered for a few years, but began losing heavily when the bear market hit in 2000. In four days in March 2002, he lost tens of millions of yuan. And after years of lavish spending, he ran through much of his ill-gotten gains.

He sold what stocks he still had and fled to Zhumadian City, Henan Province, with his wife and newborn daughter.

There, Wu used a fake identity obtained by his mistress, a native of Inner Mongolia Autonomous Region.

But a friend of his mistress, who knew his story and helped the family to settle down in Zhumadian, extorted money from him. So he fled again, to Yantai City in Shandong Province.

He spent 2 million yuan on opening a restaurant, but it was pulled down a year later due to an urban relocation plan. Fearful of his background being exposed, he didn't ask for compensation — and made a living by becoming a delivery man.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58January 23 2018 17:47:59

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16January 23 2018 17:47:59

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18January 23 2018 17:47:59

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

Most Watched

China World Business Sports Showbiz Audio
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
China World Fun Travel Entertainment Sports
Beijing Shanghai Guangzhou
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords