Chao Chien-ming, son-in-law of President Chen Shui-bian, was convicted of insider trading and given a six-year jail sentence and a fine of NT$30,000,000 around 3:00 p.m. this afternoon for his connection in the Taiwan Development Corp. insider trading case. Six others were also convicted in the case. Chao's father Chao Yu-chu received a five-year prison sentence for insider trading and another three years for embezzlement in another case. He was also given a fine of NT$300,000,000.
For their respective involvement in the insider trading, Yu Shih-yi and Su Chien-te were each given four-year-and-three-month jail terms, and Tsai Ching-wen, who subsequently became a tainted witness for the prosecution, was given a two-year sentence, but this sentence would be suspended for four years. Chen Ching-yao and Hung Min-sen reveived two-year and one-year-and-six-month jail sentences respectively.
Ku Li-hsiung, Chao Chien-ming's lawyer, this morning said whether the Taiwan Development Corp. case had constituted insider trading was legally controversial, and he vowed to appeal if Chao were convicted.
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