Journalist confessed to stock market crash: Chinese media
A financial journalist has reportedly confessed to being behind the recent stock market turmoil in China, according to a state-run news agency.
Xinhua reported Sunday that Wang Xiaolu, a journalist with the local Caijing magazine, was detained by authorities following China's recent stock market crash, earlier this month.
Wang was fabricating and spreading fake information on securities and futures market in the country.
Wang "confessed" that his "false information" had "caused panics and disorder at [the] stock market, seriously undermined the market confidence, and inflicted huge losses on the country and investors,” the report further stated.
The China Securities Regulatory Commission (CSRC) quickly denied the Caijing story, calling it "irresponsible".
Chinese authorities investigating the case also detained an official from securities watchdog and four senior executives of the country's major securities dealer for "stock market violations".
Liu Shufan, an official with CSRC, was held on suspicion of insider dealings, taking bribes and forging official seals.
Xinhua said that Liu "confessed" that he has forged official seals to fake a court ruling on separation and duty certificates for his mistress.
Chinese stocks fell by nearly 8% in value after a week of volatile trading that spread fear to global markets.
China has been cracking down on those spreading rumors against the state.
A possible three-year sentence for spreading rumors -- introduced in 2013 -- was supposed to apply to anyone who posted a rumor that was reposted 500 times or viewed 5,000 times on social media.
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