A former senior trader at China Galaxy Securities was executed Tuesday for embezzlement and misappropriating US$13.8 million, Bloomberg reported, citing state media. Yang Yanming, 51, stole the money between 1998 and 2003, and invested it in futures products, real estate and a private company. He was originally sentenced to death in December 2005. The verdict was upheld by the Higher People’s Court of Beijing in April of this year and the Supreme People’s Court reviewed the case before approving Yang’s execution. Capital punishment is used by Beijing as part of its crackdown on corruption. Li Peiying, formerly chairman of Capital Airports Holding, was executed in August after being convicted of taking bribes and misappropriating funds.
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