Martha Stewart-Style Trading Scandal Nears Quiet End for Tarnished Chinese Prodi...
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Martha Stewart-Style Trading Scandal Nears Quiet End for Tarnished Chinese Prodigy
A muted conclusion is nearing in the story of a child prodigy who attained top positions at some of China’s leading high-tech firms, only to fall from grace for insider trading, in a Chinese version of the similarly high-profile case of U.S. entrepreneur Martha Stewart in the early 2000s.
Li Yinan, now 47, was in headlines as recently as last week, when a court upheld his conviction that carried a 2 1/2 year jail sentence for insider trading. He will have served that time as of December, leaving him to resume his life after a scandal that saw him go from high-tech superstar to financial criminal, according to the website Sina.com.
Li was first detained in June 2015, and later convicted before finally being sentenced in January this year. The case that brought him down was relatively small by standards in China’s young and freewheeling financial markets, where insider trading is common. It involved 7 million yuan ($1 million) in illegally-gotten gains, which Li earned after learning from a top executive and close friend at a listed machine tool manufacturer that the company was in merger talks.
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