Yao Gang, former vice chairman of the China Securities Regulatory Commission (CSRC), was sentenced to 18 years in prison and fined 11 million yuan on Friday for taking bribes and insider trading at the Intermediate People's Court of Handan in north China's Hebei Province.
Yao is accused of using his positions to seek benefits for certain organizations and in return accepting money and property worth of over 69.61 million yuan (10.46 million U.S. dollars) through his family members between 2006 and 2015.
He is also accused of using insider information acquired during his work from January to April in 2007 to carry out insider trading and illegally gaining more than 2.1 million yuan, according to prosecutors.
