Former Chinese securities regulator deputy chief stands trial for bribery, insider trading

Handan Intermediate People's Court held hearings on Yao Gang, former vice chairman of the China Securities Regulatory Commission, for bribery and insider trading.

Yao Gang, former vice chairman of the China Securities Regulatory Commission, stands trial at Handan Intermediate People's Court on July 11, 2018. [Photo: CCTV]

Yao Gang, former vice chairman of the China Securities Regulatory Commission (CSRC), stood trial on Wednesday for taking bribes and insider trading at the Intermediate People's Court of Handan in north China's Hebei Province.

Yao is accused of using his positions to seek benefits for certain organizations and in return accepting money and property worth of over 69.61 million yuan (10.46 million U.S. dollars) through his family members between 2006 and 2015.

He is also accused of using insider information acquired during his work from January to April 2007 to carry out insider trading and illegally gaining more than 2.1 million yuan, according to prosecutors.

Yao's lawyer spoke in his defense. He pled guilty during Wednesday's trial.

His relatives, local lawmakers, political advisors, journalists and members of the public witnessed the trial.

No verdict was announced Wednesday.