Crackdown on China's Securities Officials: Wu Guofang Under Scrutiny

Wu Guofang, a former senior official at China's securities regulator, is under investigation for suspected severe violations. He currently leads Guosen Securities' investment banking. Separately, Yao Qian, another former official, has been expelled from the Communist Party for financial misconduct, according to China's top anti-graft body.

Wu Guofang, a former senior official from China's securities regulatory body, is facing an investigation for suspected serious violations of law and discipline, announced the nation's top anti-corruption watchdog on Wednesday.

Currently, Wu holds the position of head of investment banking at Guosen Securities.

In a related development, the Central Commission for Discipline Inspection reported the expulsion of Yao Qian, another ex-official from the China Securities Regulatory Commission, from the Chinese Communist Party. Yao's expulsion was attributed to accepting large amounts of money and property illegally.

(With inputs from agencies.)