Taipei, Former Hualien Magistrate Fu Kun-chi was handed a prison sentence of two years and 10 months for illegal insider trading during the late 1990s in a third retrial by the Taiwan High Court Wednesday.
According to the court, Fu was found guilty of manipulating stock prices of four companies by creating dummy accounts to buy shares at high prices in between 1997 and 1998 and faking trade to manipulate the market.
The ruling, which can still be appealed, followed on from a second retrial, which handed Fu a prison sentence of three years in 2013.
However, Fu was not present at Wednesday's ruling as he is already serving another eight-month prison sentence that began Sept. 25, 2018 after he, along with several accomplices, was convicted of having speculated in stocks of Taipei-based Hold Key Electric Wire and Cable Co. using many dummy accounts from October 2003 to January 2004.
Fu, 56, was elected Hualien county chief in 2009 and re-elected in 2014.
Source: Focus Taiwan News Channel