Investment needs to be cautious. The risk of ＂housing loan＂ stock trading should not be underestimated
According to the latest data of China Clearing Center, by the end of March, the number of investors in Shanghai and Shenzhen stock markets had exceeded 150 million for the first time, among which the number of new investors increased by 103% in March, and the number of new investors in a single month reached a new high since April 2017. In view of investors’ "running" into the market, the judge reminded investors to be alert to various risks in the process of stock trading.
1 Can you believe the "zero threshold and high leverage" of OTC fund-raising stocks?
Zhang inadvertently learned from the internet that a company can provide investors with 8 times leverage to invest in small stocks. Under the promotion of customer service staff, Zhang invested 1 million yuan in the company’s fund-raising account, but less than two months later, he found that the trading platform could not log in, the website was closed, and the customer service was not answered. After investigation, the company does not have the qualification to operate securities business, and many investors have reported the case to the public security organs, reflecting that the company defrauded funds. In the end, Zhang not only didn’t get the stock market income through off-exchange fund-raising, but sank his principal into the sea, and there was no way to claim compensation.
In order to obtain high leverage, many investors borrow money from fund-raising companies to trade stocks by paying high interest rates. However, it should be noted that OTC fund-raising funds do not directly inject the fund-raising funds into investors’ personal accounts, but require investors to put funds into accounts controlled by platforms and trade them on their designated stock operating platforms. In order to ensure the safety of trading, fund-raising companies often set a loss warning line. When the trading funds are lower than the liquidation line, investors’ stocks will be forced to liquidate. It can be seen that the legal risk of OTC stock allocation is extremely high.
The author reminds investors that due to the high leverage ratio of over-the-counter fund-raising, it is often accompanied by abnormally high fruits collected, and highly leveraged transactions undoubtedly amplify their own investment risks. Moreover, the investor’s account is jointly controlled by himself and the fund-raising company. Therefore, under the off-exchange fund-raising, the property security of his account is weak, and the company may run away with money. In addition, because OTC fund-raising companies often do not have perfect risk control and external supervision, it is difficult for investors to complain after problems arise.
2 Is it reliable to use the property without funds as collateral?
In short, "house mortgage" means that a borrower applies for a one-time or recycling loan from a bank or a borrowing company with his or her own property as collateral.
From the current point of view, the legal risk is still high whether it is through banks or borrowing companies to borrow money for stock trading through "house mortgage". First, after the bank "house mortgage", the borrowing funds will be misappropriated for stock trading, and the bank may announce that all loans will expire in advance and bear the responsibility for breach of contract. Second, it may be necessary to bear higher fruits of default, and the investment cost of investors has increased sharply. Banks often require investors who misappropriate loans to bear the penalty interest rate of 100%, while borrowing companies will directly agree with investors on high interest rates in the contract. Third, "house mortgage" is essentially a highly leveraged stock market in disguise, and the risk coefficient of stock market itself is extremely high. If you invest your real estate in the stock market, you may "transfer" your own real estate to others if you are not careful.
For example, after seeing his friend make a profit in the market, Liu felt that he had no funds at hand, so he thought that he had a suite. He might as well apply for a mortgage loan from the bank and invest in the stock market to make a big profit before returning it to the bank. So, Liu applied for a loan from the bank and signed the Personal Mortgage Loan Contract. The two parties agreed that the loan type was a consumer (decoration) loan with an amount of 500,000 yuan, and clearly agreed that the borrower should not change the purpose of the loan without the consent of the lender. In order to guarantee the performance of creditor’s rights, Liu provided mortgage guarantee for the loan under his name and registered the mortgage. However, after receiving the above money, Liu did not use it for consumption as agreed, but put all the loans into the stock market. After the stock market plummeted, Liu failed to fulfill his repayment obligations as scheduled, resulting in breach of contract. The bank quickly sued Liu to the court, demanding that he fulfill the repayment obligations under the contract, including all the principal and interest. Because he did not use the loan as agreed in the contract and used it for other purposes, the bank asked Liu to bear the penalty interest of 100% increase in the loan interest rate, and demanded that the mortgaged house be auctioned and sold, and the priority should be paid. Liu’ s cleverness was finally exchanged for the bitter fruit that was not worth the loss.
Investors should follow the principle of moderation when trading stocks and do what they can. We should combine our own economic situation and ability, adhere to rational investment, and don’t easily borrow money for stock trading through banks, P2P companies, off-site fund-raising and other means to avoid digging a "trap".
3 If you don’t know the stock, can you ask the "master" to speculate on it?
Sun was then the bank account manager of the sales management department of a securities company. At the end of April 2017, Xiaomou, who had always deposited in the bank, suggested opening an account in the securities company and recommending himself as his agent for stock trading. After negotiation, the two sides signed the "Entrusted Financial Management Agreement", which stipulated: "Sun used 1.5 million yuan in Xiaomou’s securities account for stock trading, and the two sides divided it into 28%. If there is a principal loss, it will be borne by Sun." After the stock market fell, Sun’s operation caused a loss of 800,000 yuan for Xiaomou, but he did not bear the responsibility according to the contract. Therefore, Xiaomou filed a lawsuit with the court. The court found through trial that there was a contractual relationship between the two parties, but Sun was an employee of a securities company and accepted Xiao’s entrustment to buy and sell stocks during his tenure. According to Article 43 of the Securities Law, "it is forbidden for employees of securities companies to hold or buy and sell stocks under a pseudonym or in the name of others during their term of office." Therefore, the entrustment contract relationship between Sun and Xiao should be invalid, and the problem of financial loss should be determined according to the fault degree of both parties and the principle of fairness.
In real life, many investors have more confidence in the stock trading level of professional securities practitioners, so they trust their stock accounts to be handled privately by securities practitioners, but there are considerable legal risks. First of all, it is legally invalid to entrust investors’ accounts to securities practitioners to operate on their behalf. If this method is adhered to, it may not only lead to the failure to achieve the purpose of the contract, but also make it difficult to protect their rights and interests by law. Secondly, because the account is operated by others, it means that the account funds and passwords are controlled by others and cannot be completely controlled, and the security and risk of account funds are significantly increased; Finally, in the reality of entrusting others to stock trading, the entrusting parties are often friends or relatives. If there are disputes and disputes during the period of entrusting stock trading, people and money may be empty and go to court.
The author reminds that investors should take good care of their stock accounts, and never let securities practitioners do the stock trading on their behalf. If they have to entrust other ordinary people to do the stock trading, they must draw up the entrustment contract in advance to avoid disputes. If there is a dispute in the process of investing in stocks, investors should first keep the relevant evidence intact in time and actively negotiate with each other to solve it. If the settlement fails, they can also safeguard their legitimate rights and interests through arbitration or litigation.
(Author: Beijing Chaoyang District People’s Court Zhou jianbin)