[An employee of Zhongtai Securities lost RMB 92 million in trading on behalf of clients and was given a warning and a fine of RMB 500,000] On September 19, the Hunan Securities Regulatory Bureau recently issued an administrative penalty decision [2026] No. 12 (Yang Wenming). It launched an investigation into Yang Wenming’s behavior of privately accepting client entrustment to buy and sell securities, and informed the parties of the facts, reasons, and basis for the administrative penalty as well as the rights of the parties in accordance with the law. The party concerned did not make any statement or defense, nor did it request a hearing. The investigation and handling of this case have now been concluded. It was found that Yang Wenming had the following illegal facts: During the period involved, Yang Wenming was an employee of Zhongtai Securities. From October 10, 2017 to November 30, 2017, from April 24, 2020 to January 14, 2021, and from November 3, 2022 to January 4, 2024, Yang Wenming accepted Tan’s entrustment and operated Zhang’s ordinary account by issuing trading instructions. The total transaction amount was 191,297,302.35 yuan, and the book loss was 1,829,166.02 yuan; from November 10, 2017 to March 6, 2024, Yang Wenming accepted Tan entrusted Zhang to operate Zhang's credit securities account by issuing trading instructions, with a cumulative transaction of 2,338,310,202.05 yuan and an actual loss of 90,233,071.69 yuan. The aforesaid two accounts had cumulative transactions of 2,529,607,504.40 yuan, with a total book loss of 92,062,237.71 yuan. Yang Wenming did not generate any illegal income during the period of accepting the entrustment. Yang Wenming's above-mentioned behavior violated the provisions of paragraph 2 of Article 136 of the Securities Law, and constituted the behavior of employees of securities companies privately accepting entrustment from customers to buy and sell securities as described in Article 210 of the Securities Law. The Hunan Securities Regulatory Bureau decided to give Yang Wenming a warning and impose a fine of 500,000 yuan.