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The Hunan Securities Regulatory Bureau recently issued Administrative Penalty Decision No. [2026]12, imposing a penalty on Yang Wenming, an employee of Zhongtai Securities, for privately accepting client commissions to operate securities accounts. The regulatory authorities have completed the investigation into this matter in accordance with the law. Before issuing the penalty, the party concerned was informed of the factual basis and reasons for the penalty, as well as the various rights enjoyed by the party under the law. The party concerned did not submit any statements or defenses, nor did they request a hearing. The case has now been closed. Regulatory investigations revealed that Yang Wenming was an employee of Zhongtai Securities during the period in question and engaged in multiple instances of unauthorized transactions on behalf of client Tan. Specifically, between October 10, 2017 and November 30, 2017; April 24, 2020 and January 14, 2021; and November 3, 2022 and January 4, 2024, he, acting on Tan's behalf, manipulated Zhang's ordinary securities account by issuing trading instructions. During this period, the total trading amount reached over 191 million yuan, with an account loss of approximately 1.8292 million yuan. Furthermore, between November 10, 2017 and March 6, 2024, Yang Wenming, again acting on Tan's behalf, manipulated Zhang's margin securities account by issuing trading instructions. This account saw a total trading amount of over 2.338 billion yuan, resulting in an actual loss of approximately 90.2331 million yuan. The two accounts combined had a total transaction amount of approximately 2.53 billion yuan, with a total loss of over 92.0622 million yuan. Yang Wenming did not gain any illegal profits during the entire process of accepting the commission to trade on behalf of clients. Yang Wenming's actions violated Article 136, Paragraph 2 of the Securities Law, and constituted a violation of Article 210 of the Securities Law regarding securities company employees privately accepting client commissions to trade securities. Ultimately, the Hunan Securities Regulatory Bureau issued a penalty decision: a warning to Yang Wenming and a fine of 500,000 yuan. This incident serves as a reminder to securities practitioners that they must strictly abide by professional standards and adhere to ethical boundaries, and must not cross regulatory red lines such as discretionary trading; otherwise, they will face corresponding administrative penalties.