A man, called "Daitou Dage" (meaning leading brother) by
Internet peers, has been taken into custody by the authorities of
public security in Jilin Province, northeast China. This man does
not have any qualification for investment consulting business;
however, by setting up a QQ group, a chatting terminal, on the
internet to offer advice in stock investment, he recruited a large
number of "members" who were willing to
pay?for?his?investment advice?and in this way
he grossed over 7 million yuan. Without permission from the China
Securities Regulatory Commission (CSRC), his business is
illegal.
With the Chinese securities market booming, the investment
advisory business is growing rapidly. Not properly regulated by
sound rules, this business has some loopholes that are used by
amateurs like "Daitou Dage." The relevant government departments
should not only supervise the business and punish illegal acts
according to laws, but also make and issue advisory service
standards and rules as soon as possible.
For more details, please read the full story in Chinese. (
http://www.china-cbn.com/s/n/000007/20070712/000000072797.shtml)
(China.org.cn July 12 2007)
