A self-proclaimed "legendary" stock market adviser in China who ran his service over the Internet has been detained by authorities for operating without a license, press reports said yesterday.
Wang Xiujie (王曉), 35, was arrested in China's Jilin Province this month for allegedly providing stock tips online to more than 900 people in exchange for payment, the Beijing News reported.
Wang, who used the online moniker "bellwether brother 777" and claimed to have worked in the securities industry for several years, earned 13 million yuan (US$1.7 million) for his services, the newspaper said.
In China, only licensed professionals are allowed to provide investing advice in an industry long troubled by corruption.
Wang claimed to have worked as an analyst for some of China's major securities firms, but one firm cited by the Shanghai Morning Post denied having ever heard of him.
His daily forecasts were described in one newspaper as bold and aggressive but dismissive of anyone who questioned his picks.
"What are you asking? Just buy what I told you to [buy]!" Wang said.
The newspaper did not say whether Wang was betting on his own picks.
China's booming equity markets has prompted people from all walks of Chinese society to try their luck in the nation's roaring stock market which has tripled in value since January last year.
But nervous regulators have called on investment houses to better inform the public about the risks involved in playing the stock market amid concerns that a sudden slump could see punters lose everything.
China's stock market jumped more than 40 percent this year after gaining about 130 percent last year.
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