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Chinese police arrest self-styled "patron saint" of stock investors |
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17:48, July 11, 2007 |
Police in northeast China confirmed on Wednesday that they have arrested a self-styled stock market prophet and internet celebrity on charges of accumulating wealth by illegal means.
Wang Xiujie, or "Daitou Dage 777", was so famous in China that his blog on stock market investments received more than 30 million hits, as people rushed to cash in on the bull market.
Daitou Dage, Chinese for "senior big brother", was a hero of the common people in a classic Chinese kung fu novel.
Wang started to share his experience of the stock market in February and claimed more than 90 percent of his share predictions were correct, calling himself the "patron saint" of individual investors.
Many people -- the exact number is still unknown -- allegedly paid him for market tips and advice. Sources with the police in Jilin Province said the amount of money involved was "huge".
The sources said he was arrested for carrying on an illegal investment business via the internet. More details of how Wang operated are expected to be made public when the police conclude their investigation,
Wang, a native of Changchun, capital of Jilin, said on his blog that he was born in 1972, and worked in a securities company in Shanghai from 1992.
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