The founder of a Chinese financial news media and a director of his company were reportedly sentenced to different imprisonment periods for alleged “illegal business operations.”
Wu Xiaopeng, the founder of Wallstreetcn.com, an online financial news media, was sentenced to two years and nine months, while Fan Dianhua, a director of the company, received a five-year prison term, according to Ittime.com.cn, a Chinese financial media company, on July 22.
They were held for criminal charges for a stock picking app launched in May 2017 without obtaining official approval, the Ittime report said.
Wallstreetcn.com’s website is at present in operation, its app is available for download, and its VIP membership is still open for subscription as of the publication of this article….