Tianjin Securities Business Department Employee Fined 25,000 for Trading Stocks through Others’ Accounts for 19 Years
Recently, a securities business department employee in Tianjin has sparked heated discussions online after accumulating losses of 4.7621 million yuan (RMB) over a period of 19 years by trading stocks through someone else’s securities account.
According to an administrative penalty decision released by the Tianjin Securities Regulatory Bureau on May 22, Chi Wei, a securities practitioner, had been using multiple others’ securities accounts to trade stocks from August 2005 to February 2024, resulting in the significant loss figure. Chi Wei was also fined 25,000 yuan by the regulatory authorities for his actions.
During the involvement, Chi Wei, who worked as a securities practitioner for a securities company, controlled and traded multiple stocks through several individuals’ securities accounts. The regulatory authorities calculated the total losses to be 4.7621 million yuan. Evidence from labor contracts, inquiry transcripts, securities, and bank account information led to the regulators confirming the violations.
The administrative penalty decision revealed that while working at the Tianjin Shida Securities Lion Forest Street Securities Business Department, Chi Wei engaged in trading stocks through others’ accounts, which is against the relevant provisions of the Securities Law. In November 2024, the Tianjin Securities Regulatory Bureau issued a warning letter to him and recorded it in the integrity file of the securities and futures market.
This incident quickly became a hot topic online, trending on Weibo.
Netizens commented on the issue, expressing sentiments like, “Even a professional in the industry can lose 4.76 million yuan over 19 years. I feel calmer after reading this.” “No wonder I lose money, even professionals have been losing for 19 years.” “After 19 years of ups and downs, losing millions. When it comes to the stock market, one must proceed cautiously.”
One netizen said humorously, “If trading stocks could make money, it would be hard to even open an account.” “After pondering for 19 years without understanding, it’s clear that the stock market is not a place where effort guarantees returns.” “It’s evident how challenging it is to make money from trading stocks.”
Reported by Cailian Press, the case of Chi Wei is not an isolated incident. Incompletely tallied, the number of penalties issued to securities firms during the year has exceeded 120, with at least 21 penalties issued to practitioners violating stock trading regulations, involving 10 securities companies and penalizing up to 21 individuals. These data highlight a deep-rooted issue that the violation of trading stocks among industry practitioners is not an isolated case but a longstanding phenomenon within the sector.