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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Ex-Morgan Stanley banker guilty of insider trading By DIKKY SINN,Associated Press Writer AP - Friday, September 11 HONG KONG - A former Morgan Stanley banker was convicted of insider trading Thursday in Hong Kong's longest criminal trial of its kind. ADVERTISEMENT Du Jun, former managing director of the New York-based investment bank, was found guilty on nine counts of insider dealing. He was also convicted of a tenth related charge for helping his wife to deal in the shares of CITIC Resources Holdings Limited before the company's announcement of an acquisition in 2007. He reportedly reaped more than $4 million from the illegal scheme. Du, who was taking into custody after the verdict, faces a prison sentence of up to seven years, the maximum that can be handed down by Hong Kong's District Court The case was adjourned to Friday when the judge will hear mitigation pleadings from Du's attorney. The case marks the 10th conviction of insider trading since it was made a criminal offense in 2003 _ part of Hong Kong's effort to tighten regulation as it seeks to retain its status as a leading financial center. It is also the longest and most heavily contested trial on insider dealing in the territory, said Mark Steward, executive director of Securities and Futures Commission. Du was accused of spending HK$86 million ($11.1 million) to buy 26.7 million shares in CITIC Resources on nine occasions between February and April in 2007. During the period, he had access to confidential information as part of a Morgan Stanley team advising the listed company on a $1 billion purchase of an oil field in Kazakhstan and the issuing of bonds to finance the deal. He reportedly reaped about HK$33 million ($4.3 million) in profits two months after the announcement of the acquisition. Handing down the verdict, Judge Andrew Chan said Du must have understood the risks he was taking as he has a master's degree in international banking and finance from Columbia University and worked at various investment banks Chan also criticized Morgan Stanley's compliance department for failing to pick up Du's unauthorized trading earlier. Du's lawyer Alexander King declined to say Thursday whether his client would appeal. Morgan Stanley's spokesman in Hong Kong could not be reached immediately for comment. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: Business Chinese govt to help finish Revel's AC casinoAP - Friday, September 11 Shares of Globecomm fall after profit declineAP - Friday, September 11 Wall Street rises after outlooks, auctionReuters - 2 hours 46 minutes ago FACTBOX-Big potential in mostly untapped Cuba telecom marketReuters - Friday, September 11 PerkinElmer gets contract for satellite workAP - Friday, September 11 Most Popular – Business Viewed Greenspan says further financial crisis 'inevitable' Refurbished Hubble reveals cosmic wonder Giant statues reveal red hat secrets: study OPEC holds oil output unchanged: statement Anti-piracy equipment dazzles defence fair View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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