Former employees of Minsheng securities involved i

2022-08-06
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The new third board fund scam: the former employee of Minsheng securities involved in 1billion financial fraud

Shanghai Securities reported fund financing. It was learned that the new third board fund of Minsheng securities sold by Xu Jing, the former general manager of Taiyuan Changfeng Street Business Department of Minsheng securities, not only failed to cash the principal and interest after the product expired, but was also responded by the official of Minsheng securities that the case was purely a personal crime. At present, Xu Jing has been put on file for investigation by Taiyuan Public Security Bureau and has taken criminal coercive measures because she is suspected of forging company seals, contract fraud and other criminal crimes. According to investors, the case directly involved more than 300 investors and indirectly involved thousands of people, with a total amount of about 1billion yuan

at a time of turmoil in the capital market, a financial fraud in the name of "the new third board fund" is gradually emerging recently

the agreement on the so-called "new third board fund of Minsheng securities" obtained shows that the parties and Xu Jing jointly contributed to subscribe for the new third board fund established by Minsheng securities (this fund is a fixed income product of equity investment). At the same time, Xu Jing acted as the agent of the fund. Xu Jing guaranteed that the parties enjoyed fixed income. The parties need to provide funds in full and on time and pay relevant income to Xu Jing. It is worth noting that the duration of the fund is only 3 months. The earlier part of the agreement starts from September 10, 2014, and the later one starts from May, 2015. After removing all relevant expenses, the fixed income is 12%. Investors said that the situation of each party was different, but many of them were difficult to obtain payment in May and July this year

the agreement exposes many irregularities and irregularities

first, according to the agreement, the parties and Xu Jing jointly contributed to purchase the new third board fund, and the parties' funds were held by Xu Jing. According to Article 13 of the Interim Measures for the supervision and administration of private equity stepper motors' investment funds that can realize stepless speed regulation through frequency modulation rate: if the funds of most investors are directly or indirectly invested in private equity funds in the form of partnership, contract or other unincorporated forms, the private equity fund manager or private equity fund sales agency shall penetrate and verify whether the final investor is a qualified investor, and calculate the number of investors together. At present, the threshold required for the appropriateness of investors on the new third board is 5million yuan. Whether the above-mentioned parties meet the standards needs to be reviewed. Those directly held for investors do not meet the requirements

in addition, the fake contract shows that Minsheng securities, as a fund issuer, not only undertakes the issuing role, but also the regulatory role and joint and several guarantee, which is not in line with the industry practice; At the same time, the "trust fund management agreement" did not indicate the name of the fund company, which is the manager of the "new third board investment fund". In fact, securities companies do not have the authority to directly initiate funds. Funds can only be initiated by the fund company's experimental force: 20 ⑵ 000n. If a securities firm wants to set up a fund, it can only be set up by its subsidiaries, and the personnel and risk control of both parties are completely isolated. In addition, the fund has no custodian

third, the guarantee of 12% and 8% of the fixed income of the investors as agreed in the two agreements is also contrary to the principle of "no guarantee of certain profits of the fund and no guarantee of minimum income" in the fund industry, and also violates the provisions of Article 15 of the Interim Measures for the supervision and administration of private investment funds that "private fund managers and private fund sales institutions shall not promise investors that the investment principal will not be lost or promise the minimum income"

fourth, the new third board has a long investment cycle, and the usual product cycle in the market is about three years. Taking three months as a cycle to invest in the new third board, it is difficult to exit smoothly in the actual investment process

a relevant person of Minsheng Securities said, "Xu Jing actually forged official seals and contracts, and used the company's name to do his own criminal activities." according to the person, Minsheng securities did launch a new third board product not long ago and communicated relevant information to various business departments, but Taiyuan Business Department did not report the customer information related to it, "Xu Jing forged the company's official seal with the information of the company's new third board products", and fabricated the names and seals of relevant financial personnel. Through a series of forged documents, she put all the cheated funds into her own pocket. The company did not receive the relevant funds and did not know the process of the incident

according to media reports, after Xu Jing was put on file for investigation by Taiyuan public security organ, it was found that there were hundreds of various loan financing agreements with Xu Jing as the main body, including not only fund investment agreements similar to the above two agreements, but also the forged equity incentive documents of Minsheng securities and several forged company seals used by Xu Jing for financing

the media reported that Xu Jing was born in 1981. She is young, beautiful and capable. She is very popular with the leaders of the headquarters. She has been rated as an excellent employee for many times and participated in the commendation meeting of the headquarters as an excellent Party member. Because of his outstanding work ability, he was appointed general manager of Taiyuan Changfeng business department in his early 30s. His sister Xu Bo has been around for a long time and often appears in the securities business department. Those who do not know it think it is an employee of the business department. The fake official seal found this time was found in Xu Bo's bag

the insiders interviewed said that the new third board market was once warmly sought after by funds at the beginning of this year, and also had a wealth creating effect in a short time. Domestic alkali free glass fiber manufacturers mainly producing reinforced thermoplastics include Jushi group, Taishan Group, Chongqing International, etc. However, the third board market is a long-term market suitable for institutional investment, and ordinary investors should abandon the psychology of speculation. At the same time, when participating in the third board investment, we should carefully select investment institutions and fund products with right track qualifications and good reputation, and beware of "Li Gui" in the new third board fund. (some data are collated from the network)

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