Ministry of Justice Investigation Bureau officer Yang Chao-chung (楊肇忠) was yesterday charged with offenses stemming from the alleged orchestration of an insider trading scheme involving Phison Electronics Corp stock.
The Taipei District Prosecutors’ Office yesterday said that Yang has been charged with corruption, insider trading, collusion and leaking secrets.
Yang’s alleged accomplice, Teng Fu-chun (鄧福鈞), also faces charges of insider trading and breaches of the Securities and Exchange Act (證券交易法), prosecutors said.
Yang, who was an investigating officer at the bureau’s North Taiwan Mobile Office, allegedly told Teng about impending raids on Phison Electronics Corp that were part of a probe into possible financial irregularities.
Teng, a stock market trader, allegedly used the inside information to short-sell Phison shares.
He made a profit of NT$11 million (US$343,535) over one week in August, Taipei Deputy Chief Prosecutor Chang Chieh-chin (張介欽) said.
Investigation results indicated that Yang, despite working at the bureau, the nation’s main agency for tackling large-scale criminal activities, had a history of speculating on the stock market and had reportedly lost more than NT$10 million.
Chang said Yang continued invest money in the stock market in the hopes of recouping his earlier losses, prompting him to collude with Teng.
Yang allegedly looked through the files of other investigators to find details of the financial probe and imminent moves against Phison’s offices, and on the day of the raids, Aug. 5, he leaked the news to Teng by text message.
It was reported that Teng then told his associates, also via text messages, and the information was circulated among friends and became hot news for people associated with the justice ministry and judicial investigation agencies.
Chang said Teng had admitted to receiving leaks from Yang and engaging in insider trading activities, and had surrendered NT$11 million to judicial officials during their investigation.
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