How to implement this fine?
The main body of punishing LeTV is the China Securities Regulatory Commission, not the Beijing Securities Regulatory Bureau (the Beijing branch of the China Securities Regulatory Commission). Judging from the statements in the penalty decision, such as "I will hold a hearing on XX" and "I will decide according to the provisions of XX", here "I will" refers to the China Securities Regulatory Commission. The Beijing Securities Regulatory Bureau only served the administrative penalty decision on its behalf. ?
What is the reason why Jia Yueting was fined?
Letv and Jia Yueting were each fined 240 million yuan for "fraudulent issuance", not just "financial fraud for ten consecutive years" as mentioned in the question. It is found that LeTV has five major illegal acts, such as financial fraud, failure to disclose related transactions, failure to disclose matters providing guarantees for LeTV Holdings, failure to truthfully disclose Jia Moufang and Jia Yueting's loan commitments to LeTV, and the non-public offering of shares on 20 16 constitutes fraudulent issuance. Letv and Jia Yueting were each fined 240 million yuan, mainly based on the fact that the non-public offering of shares of Letv 20 16 constituted fraudulent issuance. ?
What penalties will Jia Yueting face for fraudulent issuance?
Fraudulent issuance will lead to imprisonment, which is probably the real reason why Mr. Jia is afraid to return to China. Finally, it is worth mentioning that the Securities Law newly revised on 20 19 and the Criminal Law Amendment (XI) promulgated in 2020, in view of the fact that fraudulent issuance is really bad, further increased the punishment for fraudulent issuance. If administrative penalties are imposed on LeTV and Jia Yueting in accordance with the Securities Law as amended by 20 19, the maximum penalty is 4.8 billion yuan (that is, a fine of twice the amount of illegal fund-raising). If Jia Yueting is sentenced according to the 11th Amendment of the Criminal Law, Jia Yueting can be sentenced to a maximum of 15 years in prison.