Dee Hsu’s husband, Mike Hsu, and father-in-law charged with insider trading in Top Pot bakery case
January 30, 2014 Leave a comment
Dee Hsu’s husband, Mike Hsu, and father-in-law charged with insider trading in Top Pot bakery case
Wednesday, January 29, 2014 – 14:16
The China Post/Asia News Network
TAIPEI – The Taipei District Prosecutors’ Office concluded its investigation over the case of Top Pot Bakery, which involved alleged deceptive advertising and insider trading, and indicted four people including businessman Mike Hsu, the husband of talk show host Dee Hsu, on Tuesday.
According to the office, Mike Hsu denied the insider trading charges, saying he sold the stock as an investor and did not receive inside information in advance.
However, the other three defendants confessed that there was a contact group among all the shareholders as well as operators of the company, which illegally distributed confidential information for the purposes of stock trades.
Prosecutors pointed out that the defendants are being charged with violations of the Securities and Exchange Act and suggested that the court hand out severe punishment to Mike Hsu since he denies involvement in any illegal activity. Hsu, if found guilty, could face a three- to 10-year prison sentence.
As for the other defendants – Hsu Ching-hsiang, father of Mike Hsu; Hsu Hsun-ping, the president of the bakery, and his wife Jiang Li-fen – prosecutors suggested a prison sentence starting at 1 1/2 years given their confessions.
The case of Top Pot Bakery started with allegations of artificial essences being added to the famous bakery’s products, despite its claims of all-natural flavours.
While investigating the deceptive advertising case, prosecutors found evidence suggesting that insider trading had taken place.
For deceptive advertising, prosecutors fined the company NT$180,000 (S$7570).
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