The former investment director of Shanghai-based Everbright-Prameric Fund Management Co was sentenced to three years in jail with three years’ reprieve for insider trading.

»Xu Chunmao, aged 37, was also fined 2,100,000 yuan at a Shanghai court yesterday. Xu marks the first fund manager to be punished for the so-called “rat trading.”

»Xu made more than 2.09 million yuan in illegal profits, by leaking investment tips to three of his former university classmates when taking office at Everbright-Prameric from July 2006 to April 2010, the court said.