The Analysis Of "Ezubo" From The Perspective Of Criminal Law

"Ezubo" event is one of the most deeply influential illegal financial events in recent years, which reflects various potential risks in the process of the Internet financial innovation. This paper takes "Ezubo" as the research object, discusses and summarizes a lot of public information, analyzes emphatically a series of difficulties in the event handling process, and makes an analysis of applicability of specific criminal responsibilities that might be involved from the Angle of theory. As we can see, "Ezubo" is nothing but only a microcosm of the internet financial alienation management, so it is necessary to start from the event to observe and research all the fund-raising activities through Internet. From both microcosmic and macroscopic views, this paper theoretically discusses this event with some similar cases, and reorganizes the alienation features of internet context. It is concluded that the criminal law regulation of Internet fund-raising activities should be based on the Doctrine of nulla poena sine lege, which seizes the essence of acts while bearing liabilities by stripping all the external changes of patterns and forms.According to official announcement, since one year and a half ago when "Ezubo" platform went live, "Ezubo" sustained on the patterns of "New for old" and self-insurance, lured more than 50 billion public deposits by committing high interests in which about 90 million investors involved. This case exposed prominent contradictions between the rapid development of China’s internet financial sector and the lack of regulations, and on the other hand, it also reflects the regulatory confusion of the criminal law when it comes to the financial innovation."Ezubo", as a financial illegal event, shows a close relationship with the fund-raising activities, but it also presents a lot of differences from the traditional fund-raising activities meanwhile. This event brings out some controversies while causing widespread concern in the society, and the main focuses of controversy include how to effectively differentiate between conventional operations of internet lending platform and the alienation fund-raising activities,, whether the legal subject is unit or individuals if "Ezubo" is suspected as an illegal criminal activity, whether a large number of employees will be accountable or not, and how to make the limits of legal responsibility. In addition, further discusses are needed, such as how to identify such a complex amount of money involved in the case,what role the investors played in this event, what corresponding legal liability they should bear and so on. On the basis of above-mentioned analysis, we generalize the following opinions:firstly, "Ezubo" seems to be P2P business, but it crossed the line of the national capital policy, and was suspected of being an illegal fund-raising activity; secondly, for whether it constituted a unit crime or not, this paper has its theoretical research from both the affirmative and negative angles; thirdly, some employees, who knew about the truth, may be involved in the joint crime, and in this case, the scope of accountability should be defined discreetly based on the constitutive requirements, following the principle of keeping consistency on subjectivity and objectivity; fourthly, although the investors promote the process of raising funds objectively, but should not be condemned by the criminal law; fifthly, the identification of the amount of money involved in this case should coordinate with different situations.Since this case is in the process of investigation, the evaluation of criminal law keeps unknown. This paper discusses and summarizes a lot of public information that concerns this case, and selects a few highly relevant crimes to discuss theoretically. Considering of the Strafbarkeit, this case may at least commit a crime of illegal pooling of Public Deposits or crime of Fraud of Financing. Identifying a crime of illegal pooling of Public Deposits should consider fully about the fund-raising act characteristics, and identifying a crime of Fraud of Financing should pay attention to definition of "the purpose of illegal possession". And, this paper sorts out single crime’s division based on academic comparison of the constitutive requirements and cognizance focuses of related crimes, hoping be helpful to the judicial practice.The "Ezubo" event appears by the means of cyber space, and shows a lot of differences from the traditional fund-raising activities. This paper is based on the "Ezubo" event, combining with a few tried cases, such as "the East venture illegally absorbing public deposits case", "Youyi net fund-raising fraud" and so on. A straw shows which way the wind blows, and what can be seen in these cases will be extended to the types of fund-raising activities in the cyberspace, focusing on the influence of network on capital crime appearance, accomplishment form, joint crime and so on.Under the background of financial innovation, the means of fund-raising activities are constantly refurbished. It is clear that the criminal law will fight against fund-raising crimes by the means of financial innovation without doubt. Meantime, there are many omissions and deficiencies of the regulation of the illegal fund-raising activities at the present. The lack of regulations will lead to the illegal fund-raising activities on one hand and difficulties to form a reasonable guide for the development of financial innovation on the other hand. The author suggests that the concept of fund-raising should be highly explicitly defined from the view of legislation, and proper defenses should be increased aiming at possible problems causing by the conventional management of the financial innovation, in order to achieve the balance of freedom and restriction.