President Chen Shui-bian's (
The Chaos were found guilty of insider trading in connection with the Taiwan Development Corp scandal and other illegal deals.
The father and son were also fined NT$30 million (US$927,000) each.
The Chaos and other defendants may appeal the ruling to the Taiwan High Court.
In its ruling yesterday, the Taipei District Court said: "They used their political influence to intervene in big business and political affairs. Illegal lobbying and insider trading were the methods they used."
They had shown no regret for their actions and heavy sentences were appropriate, the ruling said.
Chao Yu-chu embezzled NT$11 million from Eslite Books chairman Robert Wu (
Former Taiwan Development Corp chairman Su Teh-jien (
Waterland Securities Co board director Tsai Chin-wen (
Chao Chien-ming, Chao Yu-chu, Su, Tsai and Yu made more than NT$10 million through insider trading of TDC shares.
The scandal dates back to last summer when Su, Chang Hwa Commercial Bank chairman Chang Po-shin (張伯欣) and bank president Chen Chen-chao (陳辰昭) dined on two occasions with Chao Chien-ming, Tsai and Yu at a Japanese restaurant in Taipei.
Confidential information about Taiwan Development Corp was discussed on both occasions.
The court noted that Chao Chien-ming, his father, Tsai and Yu each bought a large number of shares in the corporation shortly afterwards.
In related news, Nice Group president Chen Jing-yao (
Chen and Hung were found guilty of breach of trust in connection with the transfer of NT$27 million to Chao Yu-chu's accounts.
Prosecutors believe that the money was a bribe for Chao Chien-ming's efforts to help Chen Jing-yao win the leadership of Waterland Financial Holdings Co last year.
The court found that there was insufficient evidence that the Chao family attempted to manipulate that leadership race, and thus neither were charged on that count.
also see story:
Reaction mixed to convictions of Chen's in-laws
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