China's 'Hedge Fund Brother No1’ sentenced to 5.5 yrs prison
A Chinese court has sentenced former hedge fund manager Xu Xiang, who is dubbed 'Hedge Fund Brother No 1', to five-and-a-half years in prison after finding him guilty of stock market manipulation. The court also fined Xiang and his two accomplices of ₹12,000 crore, the highest ever in China for individual economic crimes, with most of it imposed on Xiang.