On April 12, LeTV announced that it had received an "Administrative Punishment Decision" from the Beijing Securities Regulatory Bureau. Due to the company's financial fraud for ten consecutive years from 2007 to 2016, LeTV had a total of A fine of 241 million yuan was imposed, and Jia Yueting was fined a total of 241 million yuan. ? How to enforce this fine?

The China Securities Regulatory Commission, not the Beijing Securities Regulatory Bureau (the branch office of the China Securities Regulatory Commission in Beijing), is the main body that imposes penalties on LeTV. Judging from the expressions in the penalty decision letter, such as "The Commission held a hearing on XX" and "According to the regulations of XX, the Commission will decide:" where "the Commission" refers to the China Securities Regulatory Commission. The Beijing Securities Regulatory Bureau only served the administrative penalty decision on its behalf. ?

What was the reason why Jia Yueting was fined?

The reason why LeTV and Jia Yueting were each fined 240 million yuan was due to "fraudulent issuance", not just because of the "ten consecutive years of financial fraud" mentioned in the question. LeTV *** has been found to have committed five major illegal acts, including: financial fraud, failure to disclose related-party transactions, failure to disclose guarantees for LeTV Holdings, failure to truthfully disclose Jia Moufang and Jia Yueting's loan commitments to LeTV, and the 2016 The non-public issuance of shares in 2018 constituted fraudulent issuance. LeTV and Jia Yueting were each fined 240 million yuan mainly based on the fact that LeTV's non-public issuance of shares in 2016 constituted a fraudulent issuance. ?

What punishment will Jia Yueting face for fraudulent issuance?

You will be jailed for fraudulent issuance. This is probably the real reason why Mr. Jia dare not return to China. Finally, it is worth mentioning that in view of the egregious behavior of "fraudulent issuance", the newly revised "Securities Law" in 2019 and the "Criminal Law Amendment (11)" introduced in 2020 have further increased the level of "fraudulent issuance". ” the intensity of punishment. If administrative penalties are imposed on LeTV and Jia Yueting in accordance with the Securities Law revised in 2019, each could be fined up to 4.8 billion yuan (that is, a fine of twice the amount of illegally raised funds). If Jia Yueting is sentenced in accordance with the "Eleventh Amendment to the Criminal Law", he could be sentenced to up to fifteen years in prison.