An ex-Morgan Stanley (NYSE: MS) banker was sentenced Friday to seven years in prison in Hong Kong's biggest insider trading case, according to Associated Press.
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Du Jun, a former managing director of the Wall Street investment bank, also was fined about 23.3 million Hong Kong dollars (about $3 million).
According to reports, Jun told emotionless as Hong Kong judge chastised him for his "greed" and "dishonesty and fraudulence." Du made illegal trades even though he was earning well over $2 million a year at Morgan Stanley.
Du was also banned from being a director or managing director of any listed company for five years.
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 sold part of the shares in July 2007, two months after the announcement of the acquisition, reaping a profit of HK$33.4 million ($4.3 million).
As a managing director at Morgan Stanley, Du earned a basic salary of HK$1.45 million ($187,000) plus a bonus of $2.3 million in 2006.
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