A once popular TV stock analyst accused of pocketing more than 750,000 yuan (8,870) from stock scalping — reselling shares for a large or quick profit — is facing a charge of rigging the stock market.
Zhu Weiming regularly appeared on the "Money Talk" program, aired on China Business Network, from Feburary 2013 to August 2014, when he was a stock broker with China Development Bank Securities, according to the indictment.
Over the period, said Shanghai People's Procuratorate, he recommended 15 stocks, whose shares he owned, to audiences.
As he had expected, hefty investment flooded into these stocks after the program was broadcast. Zhu then secretly sold his shares, the indictment read.
Prosecutors said the total volume of transactions reached more than 40 million yuan, and Zhu had illegally profited by more than 750,000 yuan.
Last July, China Securities Regulatory Commission banned Zhu from securities business for life and imposed a fine of 13.5 million yuan.