Penal Provision Of Privately Offered Fund Collecting Behavior

Private placement fund is a kind of classification under the way of fund raising.It is a special term in China.The term "private fund" refers to an investment fund that collects shares,securities and commodities from qualified specific investors.The life cycle of a private equity fund can be divided into raising,trading,income distribution and withdrawal.The norms of raising behavior directly affect the establishment of private equity funds and the safety of investors' property.Compliant private equity funds need to be raised by qualified fund managers through small-scale publicity.In order to improve the efficiency of financing and stimulate the vitality of the market,the state has given private equity funds greater freedom,which is not as strict as public equity funds.The rapid development of private equity industry has also led to uneven quality of fund managers.In practice,there are many violations and illegal acts of private fund.While fund managers enjoy the convenience of private placement licences,there are disguised public propaganda,relative public collection,irregular promises of fixed income,and fabricated facts in the process of raising funds regardless of the consequences,which lead to chaotic phenomena such as running away during the payment crisis.The minor ones constitute civil torts and administrative violations,while the most important ones involve crimes,which require criminal liability.Private equity funds are in the ascendant,and they have attracted a number of criminals,who take advantage of the enthusiasm of private equity to make false private equity truly illegal.Regardless of true or false private placement,criminal punishment is the last line of defense against illegal activities,which should be used cautiously.Discuss the scope of application of civil liability,administrative liability and criminal liability,distinguish their differences,and make clear that only acts with serious social harmfulness that violate the criminal law should be punished by penalty constitute crimes,so that the criminal law can not limit the illegal collection of private funds.Combining with practice,the illegal collection of private funds is mainly involved in the crimes of disrupting the financial management order,financial fraud and disrupting the market order.Typical crimes include crime of illegally absorbing public deposits,crime of fund-raising fraud,crime of contract fraud,crime of illegal business operation and crime of organizing and leading pyramid selling activities.According to the facts,the crime of fund-raising fraud and contract fraud sometimes overlap with the crime of fraud.Private placement funds belong to the financial field.The related crimes are highly specialized in finance,with complex and diverse behaviors and strong concealment and confusion.In judicial practice,it is necessary to discuss the determination of facts conforming to the constitution of crime.The boundaries between crime and non-crime are sometimes blurred and need to be defined.The crime of illegally absorbing public deposits focuses on whether there are administrative violations,public propaganda,public solicitation and violation of the promise of fixed income.The subject of unit crime of fund-raising fraud includes partnership enterprise,and the amount of fraud is the final income of the actor.The crime of contract fraud takes contract as a means of fraud.The actors' behavior of breaking down the east wall to make up the west wall and borrowing eggs does not necessarily have the purpose of illegal possession.The crime of illegal business operation excludes the securities investment behavior of the compliant private-equity clients,and focuses on whether the clients are specific persons.The crime of organizing and leading pyramid selling activities requires pyramid selling organizations of more than 30 people,with a hierarchy of more than three levels.Pyramid marketing organizations have not yet been established,and after they have been established,they can organize and lead pyramid marketing activities.As a general crime,the crime of fraud can accept the situation that special charges can not be covered under the principle of legality.Other occasional offences involving absorption or concurrent punishment for several offences may exist without elaboration.Through sorting out and considering from other viewpoints,it is found that there is no problem in the connection between criminal law and other economic laws in the provision of criminal law,and there is no need for additional charges.Fund management companies belong to financial institutions,which can be covered by existing legal provisions.Securities do not include funds,the two are juxtaposed relationship,the crime of unauthorized issuance of securities proposed to increase the object of funds,so that unauthorized issuance of funds into crime.Private placement fund raising behavior involves the fine penalty for charges,which is relatively appropriate and does not need to be improved,but the fine penalty for unit crime should be clearly defined.