Prosecutors were seeking a 12-year jail term plus a fine of NT$600 million (US$20.92 million) for former lawmaker Lo Fu-chu (羅福助) yesterday, charging that he violated the Securities and Exchange Act (證券交易法) between 2006 and 2009.
Also indicted were investor Weng Chiu-nan (翁秋南), stock market analysts Cheng Kuang-yu (鄭光育), Fang Hsiang-li (方翔立) and Yu Shih-chin (余世欽), as well as nine others involved in the case.
From November 2006 to October 2009, the indictees allegedly worked together to manipulate the stocks of two companies, from which Lo and Weng made NT$840 million and NT$190 million in illicit gains respectively, according to the indictment.
Lo is charged with remitting a total of NT$430 million, including NT$327 million in gains from selling Infodisc Technology Co stocks to two Hong Kong holding companies.
The two Hong Kong companies then sent the funds to China’s Zhejiang Province, where Lo invested in solar cells and LED businesses in Kunshan and Jiaxing, moves that prosecutors allege were money laundering.
The other Taiwanese company whose stocks were allegedly used to launder money by Lo and his cohorts is Jess-Link Products Co.
The prosecution further alleged that after taking over Infodisc, Lo took more than NT$200 million from the sale of a company factory while causing its original owners to lose NT$70 million.
Lo’s actions severely damaged the interests of the company, its employees, creditors and other investors, according to the indictment, which alleged Lo’s illicit gains topped NT$1 billion.
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