Chen Chien-lin Accused of Stock Manipulation, Profiting Over NT$260 Million; Prosecutors Seek 16-Year Sentence

Taipei District Prosecutors Office indicted Li Ming-yuan for manipulating shares of the listed company Megaforce Technology (formerly Uniwill Computer Corp.) between November 30, 2015, and April 29, 2016, through high-priced purchases and matched orders, realizing a profit of over NT$3.76 million and a notional profit of over NT$10.88 million, totaling over NT$14.64 million.

According to the indictment, Chen Chien-lin and a former securities broker surnamed Wu manipulated Megaforce shares between February 22, 2017, and October 26, 2017, realizing a profit of over NT$107.07 million and a notional profit of over NT$228.37 million, totaling over NT$335.45 million.

The indictment also stated that Chen Chien-lin and the broker surnamed Wu manipulated Megaforce shares again between February 6, 2018, and May 22, 2018, resulting in a realized loss of over NT$43.62 million and a notional loss of over NT$32.10 million, totaling over NT$75.72 million.

Furthermore, according to the indictment, Chen Chien-lin and the broker surnamed Wu continued to manipulate Megaforce shares between April 15, 2019, and December 31, 2019, realizing a profit of over NT$3.79 million and a notional profit of over NT$2.15 million, totaling over NT$5.95 million.

In addition, Chen Chien-lin was wanted in another case. His friend, surnamed Chiang, helped Chen evade police by providing Chen's photo to the Kinning Township Household Registration Office in Kinmen County in December 2016. Chiang applied for a new ID card for Chen under the pretext of household relocation, allowing Chen to impersonate Chiang. In March 2017, Chen used this false identity to apply to the New Taipei City Government to establish Yubo Industrial Co. for stock manipulation, and to evade police.

Taipei prosecutors today indicted Chen Chien-lin, Li Ming-yuan, and the broker surnamed Wu for violating the Securities Exchange Act by manipulating securities trading prices. Chen Chien-lin's friend, surnamed Chiang, was also indicted for violating the Household Registration Act by providing a national ID card for impersonation.

The indictment pointed out that Chen Chien-lin was previously sentenced to 3 years and 6 months in prison for stock manipulation in 2004. He fled to evade his sentence but showed no remorse, continuing to manipulate stocks for profit while a fugitive. Prosecutors deemed Chen Chien-lin's actions egregious, his attitude after the crime poor, and his lack of repentance, seeking a 16-year sentence. Li Ming-yuan was also deemed by prosecutors to have made evasive statements and denied his actions, and was sought for a 4-year and 6-month sentence.