China Securities Regulatory Commission and Liu Shufan

Wang Xiaolu: Wang confessed that he wrote fake report on Chinese stock market based on hearsay and his own subjective guesses without conducting due verifications, according to Xinhua China. He admitted that the false information have "caused panics and disorder at stock market, seriously undermined the market confidence, and inflicted huge losses on the country and investors." Also put under "criminal compulsory measures" were Liu Shufan, an official with China Securities Regulatory Commission. Wang Xiaolu, journalist of Caijing Magazine, has been placed under "criminal compulsory measures" for suspected violations of colluding with others and fabricating and spreading fake information on securities and futures market, Xinhua learned on Sunday. He is held over suspicions of insider dealings, taking bribes and forging official seals. In return, the head of the company offered bribes worth several million yuan to him. According to Liu confession during the investigation, he has taken advantage of his position to secure an approval from the securities authorities for a public company and help the growth of the company shares. (news.financializer.com). As reported in the news.