Court orders insider dealer Du Jun to pay $23.9 million to investors

Written by Cliff on Thursday 12 December 2013 at 5:09 pm

The Honourable Mr Justice Ng in the Court of First Instance today ordered Mr Du Jun, a former managing director of Morgan Stanley, to pay $23.9 million to investors as a result of his insider dealing in shares of CITIC Resources between 15 February and 30 April 2007. These are the first such restoration orders made by an HK court in a case of insider dealing. Du will also pay the SFC’s legal costs and the fees of the court appointed administrators. Mr Du is serving his six year prison sentence now, which was handed out in 2009.

“Above all, this case sends a clear message that the consequences of wrongdoing, including the costs of restoration or remediation, should be met by wrongdoers and not be borne by innocent investors or the market.” SFC Executive Director of Enforcement, Mr Mark Steward

~ ~ ~

Leave a comment

Comments »

No comments yet.

RSS feed for comments on this post | TrackBack URI

Powered by Wordpress - Triplets Identification Band by Neuro - Adapted for use by ViperFusion,