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Husband Little S not guilty in Top Pot case

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Husband Little S not guilty in Top Pot case

Husband Little S not guilty in Top Pot case

TAIPEI (Taiwan News) – Mike Hsu, the husband of entertainer Dee Hsu, better known as Little S, was found not guilty by the Taipei District Court in an insider trading case surrounding Top Pot Bakery, but his father was sentenced to two years in prison.
After an investigation was launched in 2013 into the bakery chain because of its use of artificial flavorings going counter to its advertising, prosecutors unearthed an alleged case of insider trading.
Hsu’s husband Mike Hsu, his father Hsu Ching-hsiang, company president Hsu Hsun-ping and his wife Jiang Li-fen bought shares in Genome International Biomedical Co., Ltd. before it became the parent company of Top Pot Bakery and before Little S promoted the bread products.
Shares in Genome rose sharply at the time of the takeover but plunged later. When they found out the bakery was beginning to lose money in June to August 2013, the defendants reportedly sold shares, avoiding a loss of NT$19.58 million (US$622,000), according to prosecutors.
Mike Hsu always pleaded innocent, but his father first admitted to the charges and paid back the money before suddenly changing his plea back to innocent at the final Taipei District Court session before Friday’s verdict, held on July 29.
On Friday, Hsu Hsun-ping was condemned to two years in prison and Jiang to 20 months, but both sentences were suspended for three years. Appeals were possible in all cases.
The Taipei District Court was still handling a separate case in which 1,060 consumers were going through the Consumers Foundation to demand a total of NT$25.66 million (US$795,000) from Dee Hsu and from former Top Pot chairman Chuang Hung-ming for the false claims about their bread products.