{"id":12531,"date":"2026-10-09T15:09:20","date_gmt":"2026-10-09T07:09:20","guid":{"rendered":"https:\/\/fdlaw.com.tw\/?p=12531"},"modified":"2026-10-14T15:31:48","modified_gmt":"2026-10-14T07:31:48","slug":"securities-law-criminal-defense","status":"publish","type":"post","link":"https:\/\/fdlaw.com.tw\/en\/blog\/securities-law-criminal-defense\/","title":{"rendered":"What to do in major financial criminal cases involving securities trading laws? From search, questioning, and detention to evidence and financial statement defense."},"content":{"rendered":"<style>.fd-securities-defense-article{max-width:1140px;margin:0 auto;color:#293746;font-size:17px;line-height:1.8}\n.fd-securities-defense-article *{box-sizing:border-box}\n.fd-securities-defense-article p{max-width:860px;margin:0 auto 18px;font-size:17px;line-height:1.8}\n.fd-securities-defense-article h2{max-width:1140px;margin:64px auto 24px;padding:15px 20px;border-left:4px solid #b3873c;background:#edf3f8;color:#173a5e;font-size:25px;line-height:1.45;font-weight:700;scroll-margin-top:100px}\n.fd-securities-defense-article h3{max-width:860px;margin:28px auto 16px;color:#173a5e;font-size:20px;line-height:1.5;scroll-margin-top:100px}\n.fd-securities-defense-article a{text-decoration:underline;text-underline-offset:3px}\n.fd-securities-defense-article .fd-structured{max-width:1140px;margin:24px auto 28px}\n.fd-securities-defense-article 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.fd-button{display:inline-flex;justify-content:center;padding:12px 18px;border-radius:4px;background:#173a5e;color:#fff;text-decoration:none;font-weight:700}\n.fd-securities-defense-article .fd-button.secondary{background:#fff;border:1px solid #173a5e;color:#173a5e}\n.fd-securities-defense-article .fd-cta-text{margin:18px 0 0}\n.fd-securities-defense-article .fd-final-cta{background:#173a5e;color:#fff;padding:40px}\n.fd-securities-defense-article .fd-final-cta h2{color:#fff}\n.fd-securities-defense-article .fd-final-cta .fd-button{background:#b3873c;color:#fff}\n.fd-securities-defense-article .fd-final-cta .secondary{background:transparent;border-color:#c9d7e4;color:#fff}\n.fd-securities-defense-article details{max-width:860px;margin:0 auto 12px;padding:16px 20px;border:1px solid #dde5ed;border-radius:4px;background:#fff}\n.fd-securities-defense-article summary{cursor:pointer;font-weight:700;color:#173a5e;line-height:1.6}\n.fd-securities-defense-article details p{margin:14px 0 0}\n@media(max-width:1024px){.fd-securities-defense-article .fd-first-items{grid-template-columns:repeat(2,minmax(0,1fr))}.fd-securities-defense-article .fd-authority{grid-template-columns:1fr}.fd-securities-defense-article .fd-jump-links{grid-template-columns:repeat(2,minmax(0,1fr))}.fd-securities-defense-article .fd-grid4>.fd-items{grid-template-columns:repeat(2,minmax(0,1fr))}}\n@media(max-width:600px){.fd-securities-defense-article{font-size:16px}.fd-securities-defense-article p{font-size:16px}.fd-securities-defense-article h2{margin-top:48px;padding:13px 15px;font-size:21px}.fd-securities-defense-article h3{font-size:19px}.fd-securities-defense-article .fd-first-items,.fd-securities-defense-article .fd-items,.fd-securities-defense-article .fd-grid2>.fd-items,.fd-securities-defense-article .fd-grid4>.fd-items,.fd-securities-defense-article .fd-columns2,.fd-securities-defense-article .fd-columns3,.fd-securities-defense-article .fd-role-matrix{grid-template-columns:1fr}.fd-securities-defense-article .fd-authority,.fd-securities-defense-article .fd-securities-first-actions,.fd-securities-defense-article .fd-cta,.fd-securities-defense-article .fd-contrast,.fd-securities-defense-article .fd-volume,.fd-securities-defense-article .fd-case-note{padding:20px 18px}.fd-securities-defense-article .fd-case-record{display:block}.fd-securities-defense-article .fd-case-image{max-width:280px;margin:0 auto 24px}.fd-securities-defense-article .fd-flow li:not(:last-child)::after{margin:0 10px}.fd-securities-defense-article .fd-role-cell{grid-template-columns:100px minmax(0,1fr)}.fd-securities-defense-article .fd-button{width:100%}.fd-securities-defense-article .fd-contrast-title{font-size:21px}.fd-securities-defense-article .fd-jump-links a{padding:10px}.fd-securities-defense-article .fd-pullquote{font-size:21px}}\n<\/style>\n\n<div class=\"fd-securities fd-securities-defense-article\"><div class=\"fd-securities-first-actions fd-structured\"><p class=\"fd-small-title\"><strong>Five things to do first in cases involving major securities transactions:<\/strong><\/p><ol class=\"fd-first-items\"><li><span class=\"fd-number\">01<\/span><span>Keep records of Bureau of Investigation notices, subpoenas, search warrants, and lists of seized items;<\/span><\/li><li><span class=\"fd-number\">02<\/span><span>Do not delete your phone, computer, or company data yourself;<\/span><\/li><li><span class=\"fd-number\">03<\/span><span>Do not discuss the content of the interrogation or agree on a unified statement with other defendants;<\/span><\/li><li><span class=\"fd-number\">04<\/span><span>First, identify your actual role in company decision-making, accounting, transactions, and finance;<\/span><\/li><li><span class=\"fd-number\">05<\/span><span>If detention proceedings have already been initiated, immediately prepare evidence of the seizure of evidence, a fixed address, work and family arrangements, and alternative detention options.<\/span><\/li><\/ol><\/div>\n<p>The biggest difference between criminal cases under securities trading law and general criminal cases is often not just that &quot;the penalties are more severe,&quot; but that these differences may arise simultaneously from the very beginning of the case:<\/p>\n<div class=\"fd-structured fd-evidence fd-grid3\"><h3>Common Procedures in Major Securities Transactions<\/h3><ul class=\"fd-items\"><li>The Bureau of Investigation conducted multiple searches;<\/li><li>The company and residence were seized;<\/li><li>Copying mobile phones, computers, and electronic documents;<\/li><li>The company&#039;s directors, financial officers, accountants, shareholders, or other parties involved in the transaction were all summoned for talks.<\/li><li>A large amount of bank transaction records, securities accounts, financial statements, and company documents were retrieved.<\/li><li>The district prosecutor&#039;s office conducted a follow-up interrogation at night;<\/li><li>The prosecutor may even apply to the court for detention on the same day or the following day.<\/li><\/ul><\/div>\n\n\n\n\n\n\n<p>For directors, executives, senior managers, financial accountants, or those involved in transactions of listed companies, the real danger of such cases is that prosecutors and investigators usually do not look at just one person&#039;s testimony.<\/p>\n<p>Instead, it is:<\/p>\n<div class=\"fd-structured fd-evidence fd-grid3\"><ul class=\"fd-items\"><li>Transaction records;<\/li><li>Securities account;<\/li><li>Bank cash flow;<\/li><li>Company decision-making;<\/li><li>Board of Directors Information;<\/li><li>Financial reports;<\/li><li>Accounting vouchers;<\/li><li>LINE and Email;<\/li><li>Testimony of other defendants and witnesses<\/li><\/ul><\/div>\n\n\n\n\n\n\n\n\n<p>All cases are compared against the same timeline. Therefore, when someone is suspected of violating securities laws, the first question is usually not: &quot;What is the sentence for this law?&quot; but rather: <strong>What role do prosecutors now believe you played in the entire transaction or company decision-making process?<\/strong><\/p>\n\n\n\n\n<p>Only by separating the roles, decisions, information, transactions, and cash flows can we know whether the real defense should focus on subjective intent, division of labor, major news, transaction purpose, company damage, or whether the evidence itself is simply insufficient to connect to the defendant.<\/p>\n<h2>I. Why is the Securities Exchange Law considered a major financial criminal case?<\/h2>\n<p>Most of the major criminal offenses under securities trading law are not simply simple property crimes. For example...<a href=\"https:\/\/law.moj.gov.tw\/LawClass\/LawAll.aspx?pcode=G0400001\" target=\"_blank\" rel=\"noopener\">Article 171 of the Securities Exchange Law<\/a>The serious crimes punishable include: falsification or concealment of financial reports or financial documents; securities trading fraud; market manipulation; insider trading; irregular trading by publicly listed companies; and acts of special breach of trust or embezzlement of company assets by directors, supervisors, or managers of listed or publicly traded companies. The basic penalty for some of these crimes is imprisonment for three to ten years, and may be accompanied by hefty fines. If the property or financial gain obtained through the crime reaches the legally stipulated threshold, the penalty will be further increased. Therefore, securities trading law cases, from the start of the investigation, must typically begin with: <strong>Major criminal cases<\/strong> This should be handled according to standard procedures. The first interview with the Investigation Bureau should not be treated as a routine administrative explanation.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n<nav aria-label=\"Quickly view the program you are currently encountering\" class=\"fd-structured fd-jump\"><p class=\"fd-small-title\">Quickly view the program you are currently encountering<\/p><div class=\"fd-jump-links\"><a href=\"#investigation\">Investigation Bureau interviewed<\/a><a href=\"#search\">Company Search<\/a><a href=\"#article171\">Article 171 of the Securities Exchange Law<\/a><a href=\"#detention\">Detention and Custody<\/a><a href=\"#manipulation\">Manipulating stock prices<\/a><a href=\"#insider-trading\">insider trading<\/a><a href=\"#financial-statements\">False financial reports<\/a><a href=\"#special-breach\">Special breach of trust<\/a><\/div><\/nav><section class=\"fd-structured fd-authority\"><div class=\"fd-authority-heading\"><h2>II. Recently, I have once again handled a major criminal case related to securities trading law.<\/h2><\/div><div class=\"fd-authority-body\"><p>Fidelity Law Firm has recently been appointed to handle another major securities transaction law criminal case.<\/p><p>The case involves multiple defendants, investigative detention procedures, and a large amount of corporate, financial, transaction, and criminal case files, and is handled by...<a href=\"https:\/\/fdlaw.com.tw\/en\/team\/charles-lee\/\">Lawyer Li Yusheng<\/a>Participated in reviewing case files and criminal defense work.<\/p><p>Due to the need for confidentiality in investigations, protecting the privacy of clients, and ensuring the best defense, our firm will not disclose the case number, defendant&#039;s name, or specific details of the investigation. A common characteristic of these cases is that the legal issues cannot usually be resolved by examining only a single provision of the Securities Exchange Act. Lawyers must simultaneously understand:<\/p><div class=\"fd-structured fd-evidence fd-grid2\"><ul class=\"fd-items\"><li>Corporate governance;<\/li><li>Authority of directors and managers;<\/li><li>Securities trading;<\/li><li>Financial statements;<\/li><li>Accounting information;<\/li><li>Bank and securities cash flows;<\/li><li>Criminal evidence;<\/li><li>And search, seizure and detention procedures.<\/li><\/ul><\/div><p>In major financial criminal cases, a truly effective defense typically requires addressing the commercial facts, financial data, and criminal proceedings within the same case framework. Our firm also offers...<a href=\"https:\/\/fdlaw.com.tw\/en\/financial-crime-defense\/\">Lawyers specializing in major financial criminal cases and securities transactions<\/a>A dedicated service page that integrates defense efforts related to searches, detention, transaction flows, and accounting documents.<\/p><\/div><\/section>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n<div class=\"fd-case-record fd-structured\"><figure class=\"fd-case-image\"><img alt=\"\u91cd\u5927\u8b49\u5238\u4ea4\u6613\u6cd5\u5211\u4e8b\u6848\u4ef6\u5377\u5b97\u5c01\u9762\uff0c\u8b58\u5225\u8cc7\u6599\u5df2\u906e\u853d\" class=\"wp-image-12533\" decoding=\"async\" height=\"633\" loading=\"lazy\" src=\"https:\/\/fdlaw.com.tw\/wp-content\/uploads\/2026\/10\/\u91cd\u5927\u91d1\u878d\u6848\u4ef6-\u9055\u53cd\u8b49\u5238\u4ea4\u6613\u6cd5.png\" width=\"472\" title=\"\" srcset=\"https:\/\/fdlaw.com.tw\/wp-content\/uploads\/2026\/10\/\u91cd\u5927\u91d1\u878d\u6848\u4ef6-\u9055\u53cd\u8b49\u5238\u4ea4\u6613\u6cd5.png 472w, https:\/\/fdlaw.com.tw\/wp-content\/uploads\/2026\/10\/\u91cd\u5927\u91d1\u878d\u6848\u4ef6-\u9055\u53cd\u8b49\u5238\u4ea4\u6613\u6cd5-224x300.png 224w, https:\/\/fdlaw.com.tw\/wp-content\/uploads\/2026\/10\/\u91cd\u5927\u91d1\u878d\u6848\u4ef6-\u9055\u53cd\u8b49\u5238\u4ea4\u6613\u6cd5-9x12.png 9w\" sizes=\"auto, (max-width: 472px) 100vw, 472px\" \/><figcaption>Case file of a major securities transaction law criminal case (identifying information has been obscured).<\/figcaption><\/figure><p>Related cases can be handled by<a href=\"https:\/\/fdlaw.com.tw\/en\/corporate-criminal\/\">Corporate Criminal and White-Collar Criminal Lawyers<\/a>Integrating corporate, financial, and criminal procedural issues.<\/p><\/div><div class=\"fd-cta fd-structured fd-light-cta\"><h3>Have you received a notification from the Investigation Bureau, a search warrant, or have your family members been detained?<\/h3><p>Major securities transaction law cases typically involve multiple testimonies, transaction records, financial transactions, company documents, and electronic evidence. It&#039;s advisable to first provide the notification, search warrant, list of seized items, relevant legal provisions, company personnel details, and current procedures to identify the most pressing issues for the initial interrogation or detention hearing.<\/p><div class=\"fd-actions\"><a class=\"fd-button\" href=\"https:\/\/line.me\/ti\/p\/@723pifhz\" target=\"_blank\" rel=\"noopener\">LINE Inquiries about Major Financial Criminal Cases<\/a><a class=\"fd-button secondary\" href=\"tel:0277093611\">Urgent criminal cases can be handled by phone directly.<\/a><\/div><p class=\"fd-cta-text\"><a href=\"https:\/\/fdlaw.com.tw\/en\/financial-crime-defense\/\">Lawyers specializing in major financial criminal cases and securities transactions<\/a><\/p><\/div><h2>III. What are the most common major criminal charges in securities trading law cases?<\/h2>\n<section class=\"fd-securities-crime-module\"><h3 id=\"financial-statements\">1. Inaccurate financial statements and securities fraud<\/h3><p class=\"fd-crime-summary\">Original transaction, revenue recognition, accounting procedures, level of knowledge<\/p><p><a href=\"https:\/\/law.moj.gov.tw\/LawClass\/LawAll.aspx?pcode=G0400001\" target=\"_blank\" rel=\"noopener\">Article 20 of the Securities Exchange Law<\/a>It is prohibited to engage in false, fraudulent, or other conduct that could mislead others in the offering, issuance, private placement, or trading of securities. Financial reports and financial documents that issuers are legally required to submit or publish must also be truthful and accurate, and must not contain any concealment. Common points of contention in these cases include:<\/p><div class=\"fd-structured fd-evidence fd-grid3\"><ul class=\"fd-items\"><li>Is the transaction genuine?<\/li><li>Whether the revenue was received in advance or inflated;<\/li><li>Does the account receivable exist?<\/li><li><a href=\"https:\/\/fdlaw.com.tw\/en\/blog\/listed-company-sham-circular-transactions-defense\/\">Defenses against fake transactions, circular transactions, and inflated revenue<\/a>;<\/li><li>Related-party transactions;<\/li><li>Fake purchase and sales records;<\/li><li>Accounting subjects;<\/li><li>Financial report approval;<\/li><li>And how much do the directors, managers, and accounting staff actually know?<\/li><\/ul><\/div><p>Therefore, errors in financial statements cannot be equated with &quot;intentional misrepresentation of financial statements&quot; in criminal law. What truly needs to be investigated is:<\/p><div class=\"fd-structured fd-question fd-grid2\"><ul class=\"fd-items\"><li>Who decides;<\/li><li>Who knows;<\/li><li>Who provided the information?<\/li><li>Who is responsible for recording the transactions?<\/li><\/ul><\/div><p>And whether the error meets the subjective and objective requirements for a criminal offense. The original transaction and accounting process also involves...<a href=\"https:\/\/fdlaw.com.tw\/en\/blog\/listed-company-financial-statement-fraud-defense\/\">Financial statement misrepresentation, inflated revenue and criminal liability for business accounting<\/a>Individual judgments.<\/p><\/section>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n<section class=\"fd-securities-crime-module\"><h3 id=\"manipulation\">2. Manipulating stock prices or manipulating the market.<\/h3><p class=\"fd-crime-summary\">Account, Orders, Price, Volume, Funds and Market Intent<\/p><p><a href=\"https:\/\/law.moj.gov.tw\/LawClass\/LawAll.aspx?pcode=G0400001\" target=\"_blank\" rel=\"noopener\">Article 155 of the Securities Exchange Law<\/a>Various forms of market manipulation are prohibited. Common types include:<\/p><div class=\"fd-structured fd-list fd-grid1\"><ul class=\"fd-items\"><li>To conspire with others to conduct a relative transaction;<\/li><li>Continuously buying at high prices or selling at low prices, thereby affecting market prices or order;<\/li><li>Creating the appearance of active transactions;<\/li><li>Spreading rumors or false information;<\/li><li>And other manipulation activities that directly or indirectly affect securities trading prices.<\/li><\/ul><\/div><p>However, &quot;buying a large number of stocks,&quot; &quot;concentrating trading within a certain period,&quot; and &quot;the stock price subsequently rising&quot; do not automatically equate to criminal stock manipulation. Further analysis is usually required in a defense.<\/p><div class=\"fd-structured fd-evidence fd-grid3\"><ul class=\"fd-items\"><li>Purpose of the transaction;<\/li><li>Order placement mode;<\/li><li>Account control;<\/li><li>Source of funding;<\/li><li>The relationship between different accounts;<\/li><li>Transaction ratio;<\/li><li>Market price;<\/li><li>Trading volume;<\/li><li>time;<\/li><\/ul><\/div><p>And whether the defendant had the subjective intent to influence market prices. FDLAW has both media legal analysis and [other related topics].<a href=\"https:\/\/fdlaw.com.tw\/en\/blog\/stock-manipulation\/\">Securities Trading Act: Manipulation of Stock Prices<\/a>The case explains the relevant elements of the crime.<\/p><\/section>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n<section class=\"fd-securities-crime-module\"><h3 id=\"insider-trading\">3. Insider trading<\/h3><p class=\"fd-crime-summary\">Important news, specific timing, actual knowledge, and transaction time.<\/p><p><a href=\"https:\/\/law.moj.gov.tw\/LawClass\/LawAll.aspx?pcode=G0400001\" target=\"_blank\" rel=\"noopener\">Article 157-1 of the Securities Exchange Act<\/a>The regulations stipulate that certain insiders, shareholders holding more than a certain percentage of shares, those who obtain information based on professional or controlling relationships, and recipients of such information shall not engage in related securities transactions within a specific period after actually becoming aware of material information.<\/p><p><a href=\"https:\/\/fdlaw.com.tw\/en\/blog\/insider-trading\/\">Insider trading cases<\/a>The real point of contention is usually not: &quot;Did he buy stocks?&quot; Rather:<\/p><ol class=\"fd-structured fd-flow\"><li>Event formation<\/li><li>The message is clear<\/li><li>Actual knowledge<\/li><li>Transaction decision<\/li><li>Place an order<\/li><li>public<\/li><\/ol><div class=\"fd-structured fd-question fd-grid2\"><ul class=\"fd-items\"><li>What exactly is this major news?<\/li><li>When will the news be &quot;confirmed&quot;?<\/li><li>When did the defendant actually become aware of the information?<\/li><li>When will the news be made public?<\/li><li>Was the trading decision made before or after the information was known?<\/li><li>Was the transaction originally planned?<\/li><li>Who passed the message to the defendant?<\/li><\/ul><\/div><p>Therefore, timelines are often one of the most important pieces of evidence in insider trading cases. Sometimes a difference of a day, a few hours, or even the time of an email or meeting can directly affect the determination of the elements of a crime.<\/p><\/section>\n\n\n\n\n\n\n\n\n\n\n\n\n\n<section class=\"fd-securities-crime-module\"><h3 id=\"special-breach\">4. Unconventional transactions<\/h3><p class=\"fd-crime-summary\">Business objectives, transaction terms, personal interests and company damages<\/p><p>If a publicly traded company engages in transactions that are not in accordance with normal business practices, thereby causing significant damage to the company through transactions that are clearly unfavorable to the company, it may also be subject to serious criminal liability under Section 171 of the Securities and Exchange Act.<\/p><p>For example, the prosecution might investigate:<\/p><div class=\"fd-structured fd-list fd-grid2\"><ul class=\"fd-items\"><li>Purchase assets at high prices;<\/li><li>Selling company assets at a low price;<\/li><li>Unreasonable related-party transactions;<\/li><li>Funds lending;<\/li><li>The company assumes risks for related businesses;<\/li><li>Unusual consultant fees;<\/li><li>Transaction arrangements lacking a legitimate business purpose.<\/li><\/ul><\/div><p>However, just because a company made a transaction that later resulted in a loss does not automatically mean it was an unconventional transaction. Further analysis is still needed.<\/p><div class=\"fd-structured fd-question fd-grid2\"><ul class=\"fd-items\"><li>The commercial purpose at the time of the transaction;<\/li><li>What information does the board of directors obtain?<\/li><li>How prices are formed;<\/li><li>Is there an appraisal?<\/li><li>Are there any alternative solutions?<\/li><li>Decision-making process;<\/li><li>Interests of stakeholders;<\/li><\/ul><\/div><p>And the actual losses suffered by the company. Transaction-by-transaction and cash flow analysis can be found in [reference needed].<a href=\"https:\/\/fdlaw.com.tw\/en\/blog\/listed-company-asset-stripping-special-breach-of-trust\/\">Defense of Hollowing Out and Unconventional Transactions by Listed Companies<\/a>.<\/p><h3>5. Special breach of trust under the Securities Exchange Act<\/h3><p>Directors, supervisors, or managers of publicly traded companies who, with intent to act against their duties for their own or a third party\u2019s benefit, or who misappropriate company assets and cause damage to the company to the legal threshold, may be guilty of a special breach of trust offense under Section 171 of the Securities Exchange Act.<\/p><p>These types of cases often involve:<\/p><div class=\"fd-structured fd-list fd-grid2\"><ul class=\"fd-items\"><li>Related-party transactions;<\/li><li>Company cash outflow;<\/li><li>Board decisions;<\/li><li>Equity transactions;<\/li><li>Investment case;<\/li><li>Asset disposal;<\/li><li>Even business accounting law<\/li><\/ul><\/div><p>These events occurred together. However, a criminal breach of trust cannot be determined solely based on: a poor transaction outcome; company losses; or the directors and the counterparty knowing each other. Further proof is still required.<\/p><div class=\"fd-structured fd-question fd-grid2\"><ul class=\"fd-items\"><li>Job duties;<\/li><li>Violation of duty;<\/li><li>Subjective interests and purposes;<\/li><li>Damages to specific companies;<\/li><\/ul><\/div><p>And the actual connection between the defendant and the conduct. This involves...<a href=\"https:\/\/fdlaw.com.tw\/en\/blog\/company-director-breach-of-trust\/\">Cases of breach of trust by company executives<\/a>At the same time, the tasks, decisions, and interests should be specifically identified. For a complete entity analysis, please refer to [reference needed].<a href=\"https:\/\/fdlaw.com.tw\/en\/blog\/securities-law-major-crimes-defense\/\">Article 171 of the Securities Exchange Act: Major Crimes and Key Defense Principles<\/a>.<\/p><\/section>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n<h2 id=\"search\">Fourth, when the Bureau of Investigation conducts a surprise search, the most important thing is not to immediately explain, but to first control procedural risks.<\/h2>\n<p>Major financial cases often begin with a search.<\/p>\n<div class=\"fd-structured fd-columns3\"><div class=\"fd-column\"><p>The Bureau of Investigation may also visit:<\/p><div class=\"fd-structured fd-list fd-grid1\"><ul class=\"fd-items\"><li>company;<\/li><li>Address of the person in charge;<\/li><li>Residence of directors or employees;<\/li><li>Office space for accounting personnel;<\/li><li>Other related companies.<\/li><\/ul><\/div><\/div><div class=\"fd-column\"><p>Before searching, you should first confirm:<\/p><div class=\"fd-structured fd-list fd-grid1\"><ul class=\"fd-items\"><li>The defendant listed on the search warrant;<\/li><li>Cause of action;<\/li><li>Search location;<\/li><li>Items to be seized;<\/li><li>And the scope of implementation.<\/li><\/ul><\/div><\/div><div class=\"fd-column\"><p>Save simultaneously:<\/p><div class=\"fd-structured fd-list fd-grid1\"><ul class=\"fd-items\"><li>Search ticket;<\/li><li>List of seized items;<\/li><li>List of seized mobile phones, computers, documents and storage devices.<\/li><\/ul><\/div><\/div><\/div>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n<div class=\"fd-structured fd-warning fd-grid2\"><p>At this time, it is especially important to avoid:<\/p><ul class=\"fd-items\"><li>Delete the data yourself;<\/li><li>Reset device;<\/li><li>Employees are required to provide a consistent account;<\/li><li>Contact other potential interviewees to discuss the content of the questioning;<\/li><li>Or they might be in a hurry to explain the case in the company group chat.<\/li><\/ul><\/div>\n\n\n\n\n<p>These actions could transform a simple issue of evidence into a risk of destroying evidence or collusion. If the company has already been searched, please also refer to FDLAW for more information.<a href=\"https:\/\/fdlaw.com.tw\/en\/blog\/company-investigation-bureau-summons-search\/\">Company executives summoned by the investigation bureau or company searched<\/a>A complete description.<\/p>\n\n<h2 id=\"investigation\">V. What should I do if I receive a notification from the investigation bureau? The first statement taken under the Securities Exchange Act is often very important.<\/h2>\n<p>Many people, when first questioned by the investigation bureau, think: &quot;I&#039;ll just explain things first, and hire a lawyer later if needed.&quot; In securities trading law cases, this thinking is very risky. This is because prosecutors and investigators usually already have a certain level of information: transaction records; financial flows; communications; securities accounts; company documents; and statements from other defendants. The questioning is often not simply to gather information, but to confirm:<\/p>\n\n\n\n\n\n\n\n\n\n\n\n<div class=\"fd-structured fd-question fd-grid2\"><ul class=\"fd-items\"><li>Who controls the account;<\/li><li>Who makes the decision;<\/li><li>Who knows any important news?<\/li><li>Who approved the payment;<\/li><li>Who instructed the accountant to handle it this way?<\/li><li>Who benefits from the transaction?<\/li><\/ul><\/div>\n\n\n\n\n\n<p>If a party answers complex, multi-year transactions based on impressions without knowing the contents of the case file, it can easily lead to the following:<\/p>\n<div class=\"fd-structured fd-list fd-grid2\"><ul class=\"fd-items\"><li>Date error;<\/li><li>The character description is incorrect;<\/li><li>Inconsistent;<\/li><li>Or mistaking other people&#039;s work for one&#039;s own decisions.<\/li><\/ul><\/div>\n\n\n\n<p>Therefore, the strategy for the first statement is neither: &quot;Don&#039;t say anything,&quot; nor: &quot;Explain everything immediately.&quot; Instead, first clearly distinguish:<\/p>\n\n\n\n\n<div class=\"fd-structured fd-question fd-grid2\"><ul class=\"fd-items\"><li>Which facts are certain;<\/li><li>Which documents need to be reviewed?<\/li><li>What falls under the responsibilities of others?<\/li><li>Which issues involve legal evaluation?<\/li><\/ul><\/div>\n\n\n\n<h2 id=\"detention\">VI. Why do cases involving securities trading laws often result in detention?<\/h2>\n<p>Major financial cases often involve multiple individuals. For example:<\/p>\n\n<div class=\"fd-structured fd-role fd-grid3\"><ul class=\"fd-items\"><li>Company head;<\/li><li>director;<\/li><li>Finance Manager;<\/li><li>Accounting personnel;<\/li><li>Securities account holder;<\/li><li>Trading counterparty;<\/li><li>Funding providers.<\/li><\/ul><\/div>\n\n\n\n\n\n\n<p>Common reasons prosecutors give for requesting detention include:<\/p>\n<div class=\"fd-structured fd-risk fd-grid3\"><ul class=\"fd-items\"><li>He may collude with other defendants or witnesses;<\/li><li>Electronic data may be deleted or altered;<\/li><li>May handle company documents;<\/li><li>Funds may be transferred;<\/li><li>Possibly fleeing;<\/li><li>Furthermore, the criminal liability and the scale of the proceeds of crime in the case are substantial.<\/li><\/ul><\/div>\n\n\n\n\n\n<p>However, legally, this is not the case: &quot;Securities Exchange Act = Detention Always.&quot; The court still needs to conduct a specific review.<a href=\"https:\/\/law.moj.gov.tw\/LawClass\/LawAll.aspx?pcode=C0010001\" target=\"_blank\" rel=\"noopener\">Criminal Procedure Law<\/a>Set:<\/p>\n\n\n<div class=\"fd-structured fd-framework fd-grid4\"><ul class=\"fd-items\"><li><strong>criminal suspect<\/strong>Is the suspicion of a crime serious?<\/li><li><strong>escape<\/strong>Is there any risk of them fleeing?<\/li><li><strong>Evidence tampering\/destruction<\/strong>Is there any risk of destroying, falsifying, or altering evidence, or colluding with accomplices or witnesses?<\/li><li><strong>Necessity of detention<\/strong>And whether detention is truly necessary.<\/li><\/ul><\/div>\n\n\n\n<p>If bail, detention, restricted residence, or other measures are sufficient to ensure the proceedings, it should be further argued that there is no need for detention. Further details regarding the relevant procedures can be found in the relevant documentation.<a href=\"https:\/\/fdlaw.com.tw\/en\/blog\/securities-law-detention-hearing\/\">Detention and Custody Court Battles in Securities Trading Law Cases<\/a>.<\/p>\n\n\n<h2 id=\"article171\">VII. How severe are the criminal liabilities under Article 171 of the Securities Exchange Law? A severe penalty does not necessarily equate to detention.<\/h2><div class=\"fd-structured fd-columns2\"><div class=\"fd-column\"><h3>Basic type<\/h3><p>Imprisonment for not less than three years but not more than ten years, and may also be subject to a fine of not less than NT$10 million but not more than NT$200 million.<\/p><\/div><div class=\"fd-column\"><h3>Crimes involving the acquisition of property or assets exceeding 100 million yuan<\/h3><p>A sentence of seven years or more imprisonment may be imposed, along with a fine of between NT$25 million and NT$500 million.<\/p><\/div><\/div>\n<p>This is very important. The statutory penalty for certain offenses under Article 171, Paragraph 1 of the Securities Exchange Act is imprisonment for a term of not less than three years but not more than ten years. However, the specific grounds for detention for &quot;serious crimes&quot; as referred to in the Code of Criminal Procedure do not automatically exist simply because the words &quot;Securities Exchange Act&quot; are mentioned. The court must still determine this based on the actual applicable charge and the circumstances of the case.<\/p>\n\n\n\n\n<p>If the crime involves obtaining property or financial benefits exceeding NT$100 million, Article 171, Paragraph 2 of the Securities and Exchange Act may apply, increasing the statutory penalty to seven years or more, and the procedural risks become even more significant.<\/p>\n<p>Therefore, the detention court cannot simply say, &quot;The defendant has a fixed address, so he won&#039;t run away.&quot; What truly needs to be addressed is every risk raised by the prosecutor. For example:<\/p>\n\n\n\n<div class=\"fd-structured fd-columns2\"><div class=\"fd-column\"><h3>Evidence fixation<\/h3><div class=\"fd-structured fd-list fd-grid1\"><ul class=\"fd-items\"><li>The electronic documents have been seized;<\/li><li>Important accounting books have been seized;<\/li><li>The co-defendants have been questioned separately;<\/li><li>The defendant has left his position at the company;<\/li><\/ul><\/div><\/div><div class=\"fd-column\"><h3>Alternative measures<\/h3><div class=\"fd-structured fd-list fd-grid1\"><ul class=\"fd-items\"><li>Willing to hand over passport;<\/li><li>Accepting restrictions on leaving the country and going to sea;<\/li><li>Restrict contact with specific people;<\/li><li>Propose a guarantee;<\/li><\/ul><\/div><\/div><\/div>\n\n\n\n\n\n\n\n<p>And other alternatives that can reduce procedural risks.<\/p>\n<h2>8. Detention courts in major financial criminal cases should not simply repeat the statement that &quot;no crime was committed&quot; in the case.<\/h2>\n<p>A detention hearing and a final guilty or not guilty verdict are not the same thing. A detention hearing can certainly argue the seriousness of the suspicion of a crime. But in practice, it must also answer: Why is there no risk of collusion? Why is there no risk of destroying evidence? Why is there no risk of flight? Why is detention unnecessary to ensure procedural fairness? For example, if all major evidence\u2014cell phones, computers, accounting books, company servers, bank information, securities transaction records\u2014is already in the hands of the prosecution, the defense must specifically explain: What other evidence could possibly be destroyed by the defendant? Instead of simply stating abstractly, &quot;I won&#039;t collude.&quot; Detention defenses in major financial cases often require a comprehensive overview of: seized evidence; organizational roles; division of labor; interpersonal relationships; residence and family; and alternative solutions.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n<h2>9. The defendants have different roles; the same criminal story cannot be used for all defendants from the same company.<\/h2>\n<p>Large-scale securities transaction law cases often involve a dozen or more people. However, each person&#039;s role may be completely different. For example:<\/p>\n\n\n<div class=\"fd-structured fd-role-matrix\"><div class=\"fd-role-cell\"><strong>Chairman<\/strong><p>Responsible for the final decision;<\/p><\/div><div class=\"fd-role-cell\"><strong>President<\/strong><p>Responsible for operations;<\/p><\/div><div class=\"fd-role-cell\"><strong>Finance Manager<\/strong><p>Responsible for funds;<\/p><\/div><div class=\"fd-role-cell\"><strong>Accounting supervisor<\/strong><p>Responsible for accounting entries;<\/p><\/div><div class=\"fd-role-cell\"><strong>staff<\/strong><p>Documents were created simply by following the established procedures.<\/p><\/div><div class=\"fd-role-cell\"><strong>Account holder<\/strong><p>It may only involve part of the transaction;<\/p><\/div><div class=\"fd-role-cell\"><strong>External counterparty<\/strong><p>They weren&#039;t even inside the company.<\/p><\/div><\/div>\n\n\n\n\n\n\n<p>Therefore, one of the real defense&#039;s tasks is to dissect the prosecutor&#039;s &quot;overall criminal story.&quot; One cannot infer that everyone who signed the documents knew about the company&#039;s inaccurate financial statements. One cannot infer that every account holder had the intent to manipulate the market simply because transactions occurred in a few accounts. One cannot infer that all directors conspired to breach trust simply because the company engaged in unethical transactions. Each defendant still needs to be judged individually.<\/p>\n\n\n\n\n\n\n\n\n\n\n<div class=\"fd-structured fd-question fd-grid2\"><ul class=\"fd-items\"><li>Actual permissions;<\/li><li>What do you know?<\/li><li>What did you do?<\/li><li>When will we know?<\/li><li>Did you benefit from it?<\/li><\/ul><\/div>\n\n\n\n\n<p>And the relationship between behavior and results.<\/p>\n<h2>10. One of the most important pieces of evidence in securities trading law cases is a complete timeline.<\/h2>\n<p>Major financial cases often span months or even years. Looking at a single transaction can easily create a misleading impression. What&#039;s truly needed is a timeline of events.<\/p>\n\n\n\n<div class=\"fd-structured fd-columns3\"><div class=\"fd-timeline-card\"><h3>insider trading<\/h3><p>For example, insider trading cases might include:<\/p><div class=\"fd-structured fd-timeline fd-grid1\"><ul class=\"fd-items\"><li>This is the first internal discussion of a major event.<\/li><li>Board meeting or management meeting;<\/li><li>Contract negotiation;<\/li><li>When will the major news be made clear?<\/li><li>Who knows when;<\/li><li>When to place a stock order;<\/li><li>Announcement time.<\/li><\/ul><\/div><\/div><div class=\"fd-timeline-card\"><h3>Market manipulation<\/h3><p>Market manipulation may require rectification:<\/p><div class=\"fd-structured fd-timeline fd-grid1\"><ul class=\"fd-items\"><li>Account opening;<\/li><li>Fund transfer;<\/li><li>Order time;<\/li><li>Transaction price;<\/li><li>Trading volume;<\/li><li>Relationships between accounts;<\/li><li>Major events in the company.<\/li><\/ul><\/div><\/div><div class=\"fd-timeline-card\"><h3>False financial reports<\/h3><p>Inaccurate financial statements may require rectification:<\/p><div class=\"fd-structured fd-timeline fd-grid1\"><ul class=\"fd-items\"><li>Original transaction;<\/li><li>Shipment;<\/li><li>bill;<\/li><li>Accounts receivable;<\/li><li>Payment;<\/li><li>Write-off;<\/li><li>Accounting entries;<\/li><li>Financial statement approval;<\/li><li>announcement.<\/li><\/ul><\/div><\/div><\/div>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n<p>Only after the timeline is organized can we see which pieces of evidence are truly connected and which are just coincidentally close in time.<\/p>\n\n\n<h2>11. Cash flow is important, but &quot;having cash flow&quot; does not mean that all the elements of a crime have been met.<\/h2>\n<p>Financial criminal cases often use cash flow as important evidence.<\/p>\n<div class=\"fd-structured fd-contrast\"><p class=\"fd-contrast-title\">&quot;Having cash flow&quot; does not necessarily mean &quot;all elements of the crime are met&quot;.<\/p><div class=\"fd-columns2\"><div class=\"fd-column\"><p>However, cash flow can only prove:<\/p><p>Where does the money come from and where does it go?<\/p><\/div><div class=\"fd-column\"><p>It cannot necessarily prove this on its own:<\/p><div class=\"fd-structured fd-list fd-grid1\"><ul class=\"fd-items\"><li>Why make payment?<\/li><li>Legal relationship;<\/li><li>The degree of intimacy was informed;<\/li><li>Subjective intent;<\/li><li>Is there consideration?<\/li><li>Or whether the company&#039;s transactions lack a legitimate business purpose.<\/li><\/ul><\/div><\/div><\/div><\/div>\n\n\n\n\n\n\n\n\n<p>Therefore, when analyzing cash flows, it is necessary to simultaneously look for:<\/p>\n<div class=\"fd-structured fd-evidence fd-grid3\"><ul class=\"fd-items\"><li>contract;<\/li><li>bill;<\/li><li>Company approval;<\/li><li>Board of Directors Information;<\/li><li>Email;<\/li><li>LINE;<\/li><li>Accounting subjects;<\/li><li>Transaction background.<\/li><\/ul><\/div>\n\n\n\n\n\n\n\n<p>For example, a payment of 20 million yuan could be: a legitimate payment for goods; a loan; an investment; a consulting fee; or, as the prosecution alleges, a transfer of benefits. Simply looking at the bank transfer itself usually cannot answer all criminal questions.<\/p>\n\n\n\n\n\n\n<h2>12. Cases of inaccurate financial statements should not conflate accountants and company decision-makers.<\/h2>\n<p>Financial statements typically go through the following processes:<\/p>\n<ol class=\"fd-structured fd-flow\"><li>Business\/Transaction<\/li><li>finance<\/li><li>Accounting<\/li><li>Supervisor\/Manager<\/li><li>Board of Directors<\/li><li>External accountants<\/li><\/ol><div class=\"fd-structured fd-list fd-grid2\"><ul class=\"fd-items\"><li>business;<\/li><li>purchase;<\/li><li>finance;<\/li><li>Accounting;<\/li><li>manager;<\/li><li>Manager;<\/li><li>Board of Directors;<\/li><li>accountant<\/li><\/ul><\/div>\n\n\n\n\n\n\n\n<p>Different levels of processing. If the prosecution believes a particular transaction is fraudulent, further confirmation is still required:<\/p>\n\n<div class=\"fd-structured fd-question fd-grid2\"><ul class=\"fd-items\"><li>Who knows that the transaction doesn&#039;t exist?<\/li><li>Who provided the original documents?<\/li><li>Who decides to take the money?<\/li><li>Who is simply processing existing data?<\/li><li>Who has the authority to change accounting policies?<\/li><li>Who knows how the financial statements will ultimately turn out?<\/li><\/ul><\/div>\n\n\n\n\n\n<p>Therefore, &quot;signatures on documents&quot; is evidence, but does not necessarily equate to criminal intent regarding all front-end transaction facts.<\/p>\n<p>If a case involves both commercial accounting law and securities transaction law, the constituent elements of commercial accounting law and securities transaction law must be analyzed separately. Regarding<a href=\"https:\/\/fdlaw.com.tw\/en\/blog\/business-accounting-act-violations-taiwan\/\">Commercial accounting law and financial statement misrepresentation<\/a>The determination should also be based on the individual&#039;s position and actual level of knowledge. When it involves personal duties and the scope of approval, a distinction should also be made.<a href=\"https:\/\/fdlaw.com.tw\/en\/blog\/cfo-accounting-officer-financial-statement-criminal-liability\/\">Individual criminal liability of CFOs, accounting supervisors, and accounting personnel<\/a>.<\/p>\n<h2>Thirteen, why is &quot;evidence-based defense&quot; necessary in major securities trading law cases?<\/h2>\n<p>The case files for major financial cases are often enormous. They may include:<\/p>\n\n<div class=\"fd-structured fd-evidence fd-grid2 fd-volume\"><ul class=\"fd-items\"><li>Dozens of investigation files;<\/li><li>Bank information;<\/li><li>Securities transaction details;<\/li><li>Company financial reports;<\/li><li>Accounting voucher;<\/li><li>Board minutes;<\/li><li>Search and seizure of documents;<\/li><li>Mobile phone identification;<\/li><li>Communication records;<\/li><li>Other defendants&#039; statements.<\/li><\/ul><\/div>\n\n\n\n\n\n\n\n\n\n<p>Lawyers who only read the indictment summary are easily led astray by the prosecution&#039;s carefully crafted crime narrative. True criminal defense requires returning to: original written statements; original transactions; original financial flows; original electronic data; and whether the testimonies of different witnesses or defendants are truly consistent. Therefore, one of the crucial tasks in major financial criminal cases is:<\/p>\n\n\n\n\n\n\n\n<p class=\"fd-pullquote\"><strong>After reviewing the case files, reconstruct your own version of the case.<\/strong><\/p>\n<p>It wasn&#039;t just about answering the prosecutor&#039;s questions, but about reconfirming: what exactly happened.<\/p>\n\n<h2>Fourteen, the worst thing to do after searching: start cleaning up the data yourself.<\/h2>\n<p>After a company is searched, some people&#039;s first reaction is to: clean up their computers; delete private messages; delete groups; and ask the company&#039;s IT department to delete accounts. This is a very dangerous approach. Even if the person involved simply believes, &quot;This information is irrelevant to the case,&quot; it could lead the prosecution to further question whether evidence was destroyed in criminal proceedings. The correct approach is usually to: first, stop unnecessary data transfers; confirm what information the investigators have seized; legally back up important company documents that are still accessible; and have a lawyer determine which information needs to be preserved and organized. Similarly, do not proactively call other co-defendants to ask, &quot;What did you say today?&quot; just because you want to understand the case. This could increase the risk of collusion.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n<h2>15. When should you hire a lawyer for a securities trading law case?<\/h2>\n<p>The best time is not after receiving the indictment. A criminal strategy assessment should be considered immediately if any of the following situations have occurred:<\/p>\n\n\n<div class=\"fd-structured fd-checklist fd-grid2\"><ul class=\"fd-items\"><li>Received notification from the Investigation Bureau;<\/li><li>Received a summons from the District Attorney&#039;s Office;<\/li><li>The company was searched;<\/li><li>The residence was searched;<\/li><li>Cell phones or computers are confiscated;<\/li><li>Others involved in the case were searched or detained;<\/li><li>Investigators began questioning the securities account;<\/li><li>The company&#039;s financial or accounting records were transferred out.<\/li><li>It is known that the case involves Section 171 of the Securities Exchange Act.<\/li><\/ul><\/div>\n\n\n\n\n\n\n\n\n<p>Because the most critical time for major financial cases is often: <strong>Before the first confession was formed.<\/strong> If the statement is subsequently revised, the prosecution will usually compare the previous and current statements.<\/p>\n\n\n<h2>XVI. Key Focus Areas of Fidelity Law Firm in Handling Major Financial Criminal Cases<\/h2>\n<p>Cases involving securities trading law cannot be solved solely by familiarity with criminal law. A true understanding of both is essential.<\/p>\n\n<div class=\"fd-structured fd-columns3\"><div class=\"fd-column\"><h3>Company and Business Background<\/h3><p>Company Law;<\/p><p>Corporate governance;<\/p><p>contract;<\/p><\/div><div class=\"fd-column\"><h3>Financial and accounting information<\/h3><p>Business accounting;<\/p><p>Financial reports;<\/p><p>Cash flow;<\/p><\/div><div class=\"fd-column\"><h3>Criminal Procedure and Case Files<\/h3><p>Securities Exchange Law;<\/p><p>And criminal searches, detention, and evidence procedures.<\/p><\/div><\/div>\n\n\n\n\n\n\n\n<p>Fidelity Law Firm has a long history of handling cases involving corporate, commercial, criminal, and financial accounting matters. Attorney Li Yusheng has also served as the legal director of a large accounting firm. When handling corporate criminal cases, he first understands the transaction and financial background before moving on to the elements of the criminal case and the analysis of evidence.<\/p>\n<p>Recently, our firm has once again undertaken a major criminal case related to securities trading, and continues to handle other major financial criminal cases, criminal cases involving company executives, and high-risk detention procedures. Other examples include...<a href=\"https:\/\/fdlaw.com.tw\/en\/corruption-crime-lawyer\/\">Major criminal cases involving embezzlement, bribery, and profiteering.<\/a>Each case must be handled according to its respective elements of the crime and the evidence presented.<\/p>\n<p>For the benefit of our clients, our firm will not disclose the identities of parties involved in undetermined cases or the specific content of their defense. However, for company executives, directors, senior managers, and related personnel facing significant financial criminal cases, we can provide the following: Bureau of Investigation notification; District Attorney&#039;s summons; search warrant; list of seized items; relevant laws; company positions; and the current legal proceedings. Our lawyers will then determine whether the most pressing issues are: the initial interrogation; evidence gathered after the search; detention; case file organization; or the substantive elements of the crime.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n<div class=\"fd-authority-footnote\"><p><a href=\"https:\/\/fdlaw.com.tw\/en\/team\/charles-lee\/\">Lawyer Li Yusheng<\/a>He previously served as the legal director of a major accounting firm; Fidelity Law Firm was also recently taken on again for a major securities transaction law criminal case and participated in reviewing case files and criminal defense.<\/p><p><a href=\"https:\/\/fdlaw.com.tw\/en\/financial-crime-defense\/\">Lawyers specializing in major financial criminal cases and securities transactions<\/a><\/p><\/div><aside class=\"fd-case-note\"><h3>Another notable achievement is the acquittal in a major corporate finance criminal case on appeal.<\/h3><p>Our attorney, Li Yusheng, has previously served as a defense attorney in criminal cases related to company law, commercial accounting law, and company registration. In one such case, after being found guilty in the first instance, he appealed, but the Taiwan High Court overturned the original verdict and acquitted him. While this case was not a securities transaction law case, it still involved corporate transactions, financial accounting, bank transactions, and the reorganization of a large amount of case files.<\/p><p><a href=\"https:\/\/fdlaw.com.tw\/en\/blog\/company-law-commercial-accounting-acquittal\/\">Cases of Major Corporate Financial Criminal Cases Where the Second Instance Verdict Was Overturned and the Confession Was Not Guilty<\/a><\/p><\/aside><h2>Securities Exchange Law Major Financial Criminal Cases FAQ<\/h2>\n<details><summary>Will someone suspected of violating Section 171 of the Securities and Exchange Act always be detained?<\/summary><p>Not necessarily. The court must still examine the reasons for detention, such as criminal suspicion, escape, collusion, and destruction of evidence, as well as the necessity of detention, in accordance with the Criminal Procedure Law. Whether alternative measures such as bail, detention, and restriction of residence are sufficient to ensure procedural compliance is also an important point of contention in detention courts.<\/p><\/details>\n<details><summary>What are the penalties for violating Article 171 of the Securities Exchange Act?<\/summary><p>For some serious crimes, the basic penalty is imprisonment for a term of not less than three years and not more than ten years, and may be accompanied by a hefty fine. If the property or financial benefits obtained through the crime exceed NT$100 million, the law provides for aggravated penalties such as imprisonment for a term of not less than seven years. The final determination must be based on the specific legal provisions used in the prosecution and the facts of the case.<\/p><\/details>\n<details><summary>Does an error in a company&#039;s financial statements necessarily constitute a crime of financial statement fraud?<\/summary><p>Not necessarily. Criminal liability still requires analysis of the false or concealed content, its significance, the perpetrator&#039;s position, actual level of knowledge, and subjective intent. Simple accounting errors cannot be directly equated with intentionally creating false financial reports.<\/p><\/details>\n<details><summary>Does a large volume of stock trading necessarily mean stock price manipulation?<\/summary><p>Not necessarily. Article 155 of the Securities Exchange Act still has specific behavioral and subjective requirements. It is necessary to analyze the transaction price, transaction volume, order placement pattern, account relationships, source of funds, and whether there is an intention to influence market prices or create the appearance of active trading.<\/p><\/details>\n<details><summary>If a company director makes a loss-making transaction, could that constitute a special breach of trust under the Securities Exchange Act?<\/summary><p>It&#039;s not enough to just look at the final loss of a transaction. We must also analyze the director&#039;s position, decision-making process, transaction terms, whether it benefited the director or a third party, harmed the company, and whether the director acted against their professional intent.<\/p><\/details>\n<details><summary>If I&#039;m being interviewed by the investigation bureau, can I wait until I&#039;ve given my first statement before hiring a lawyer?<\/summary><p>Legally, not every questioning requires the presence of a lawyer, but major securities transaction cases often involve multiple individuals, long-term transactions, financial flows, and a large amount of documentation. The initial testimony usually becomes crucial evidence for subsequent comparisons, so understanding the case and defense risks before the first questioning is generally safer.<\/p><\/details>\n<details><summary>After the company was searched, is it possible to contact the other defendants to find out what they have to say?<\/summary><p>It is not recommended to discuss the transcripts or agree on a single statement on your own. In multi-person financial criminal cases, prosecutors often list the possibility of collusion with accomplices or witnesses as one of the risks of detention. After a search, a lawyer should first assess the risks of evidence, procedures, and communication.<\/p><\/details>\n<details><summary>If your phone and computer are confiscated during a search, how can you defend yourself afterwards?<\/summary><p>Seizing electronic devices is only the beginning of evidence gathering. Further investigation is needed to examine the connection between the data and the defendant, the user, the time, the complete context, the acquisition of the data, and the forensic content. The existence of a single piece of information cannot automatically prove all elements of a crime.<\/p><\/details>\n<\/div>\n\n<section class=\"fdlaw-related-posts\"><h2 class=\"fdlaw-related-posts__title\">Further reading<\/h2><div class=\"fdlaw-related-posts__grid\"><a class=\"fdlaw-related-card\" href=\"https:\/\/fdlaw.com.tw\/en\/blog\/company-investigation-bureau-summons-search\/\"><div class=\"fdlaw-related-card__image\"><img width=\"768\" height=\"419\" src=\"https:\/\/fdlaw.com.tw\/wp-content\/uploads\/2026\/09\/Gemini_Generated_Image_hsidb8hsidb8hsid-768x419.jpeg\" class=\"attachment-medium_large size-medium_large wp-post-image\" alt=\"\" loading=\"lazy\" decoding=\"async\" sizes=\"auto, (max-width: 767px) calc(100vw - 40px), (max-width: 1100px) 45vw, 520px\" srcset=\"https:\/\/fdlaw.com.tw\/wp-content\/uploads\/2026\/09\/Gemini_Generated_Image_hsidb8hsidb8hsid-768x419.jpeg 768w, https:\/\/fdlaw.com.tw\/wp-content\/uploads\/2026\/09\/Gemini_Generated_Image_hsidb8hsidb8hsid-300x164.jpeg 300w, https:\/\/fdlaw.com.tw\/wp-content\/uploads\/2026\/09\/Gemini_Generated_Image_hsidb8hsidb8hsid-1024x559.jpeg 1024w, https:\/\/fdlaw.com.tw\/wp-content\/uploads\/2026\/09\/Gemini_Generated_Image_hsidb8hsidb8hsid-1536x838.jpeg 1536w, https:\/\/fdlaw.com.tw\/wp-content\/uploads\/2026\/09\/Gemini_Generated_Image_hsidb8hsidb8hsid-2048x1117.jpeg 2048w, https:\/\/fdlaw.com.tw\/wp-content\/uploads\/2026\/09\/Gemini_Generated_Image_hsidb8hsidb8hsid-18x10.jpeg 18w\" title=\"\"><\/div><div class=\"fdlaw-related-card__body\"><h3 class=\"fdlaw-related-card__title\">What to do if your company&#039;s management is summoned by the investigation bureau or your company is searched? First, organize your decision-making, accounts, and cash flow.<\/h3><p class=\"fdlaw-related-card__excerpt\">When a company&#039;s head, director, or executive suddenly receives a notification from the investigation bureau, the first thing they should do is not rush to guess what crime they have committed, nor rely solely on memory to give a statement. Instead, they should first confirm their legal status, the transactions or events under investigation, whether other executives have been interviewed, and the relevant documents such as contracts, ledgers, bank statements, emails, and company decision-making records\u2026<\/p><span class=\"fdlaw-related-card__more\">Read the full article \u2192<\/span><\/div><\/a><a class=\"fdlaw-related-card\" href=\"https:\/\/fdlaw.com.tw\/en\/blog\/stock-manipulation\/\"><div class=\"fdlaw-related-card__image\"><img width=\"768\" height=\"426\" src=\"https:\/\/fdlaw.com.tw\/wp-content\/uploads\/2026\/01\/S__4603927-768x426.jpg\" class=\"attachment-medium_large size-medium_large wp-post-image\" alt=\"\" loading=\"lazy\" decoding=\"async\" sizes=\"auto, (max-width: 767px) calc(100vw - 40px), (max-width: 1100px) 45vw, 520px\" srcset=\"https:\/\/fdlaw.com.tw\/wp-content\/uploads\/2026\/01\/S__4603927-768x426.jpg 768w, https:\/\/fdlaw.com.tw\/wp-content\/uploads\/2026\/01\/S__4603927-300x166.jpg 300w, https:\/\/fdlaw.com.tw\/wp-content\/uploads\/2026\/01\/S__4603927-1024x567.jpg 1024w, https:\/\/fdlaw.com.tw\/wp-content\/uploads\/2026\/01\/S__4603927-1536x851.jpg 1536w, https:\/\/fdlaw.com.tw\/wp-content\/uploads\/2026\/01\/S__4603927-18x10.jpg 18w, https:\/\/fdlaw.com.tw\/wp-content\/uploads\/2026\/01\/S__4603927.jpg 1579w\" title=\"\"><\/div><div class=\"fdlaw-related-card__body\"><h3 class=\"fdlaw-related-card__title\">The first-generation &quot;young stock market genius,&quot; Hsiao Han-sen, was released on bail of NT$15 million with three restrictions on his investment activities. Lawyer Li Yu-sheng explains the elements and criminal liability of the crime of stock manipulation under the Securities and Exchange Act.<\/h3><p class=\"fdlaw-related-card__excerpt\">https:\/\/youtu.be\/AdG7YRUczBw?si=PIy9lAeP3cF7jODV First-generation &quot;Teen Stock God&quot; Hsiao Han-sen Released on Bail of NT$15 Million with Three Restrictions for Stock Trading | Mirror News Reporter Kung Pin-rou News Link: https:\/\/youtu.be\/A\u2026<\/p><span class=\"fdlaw-related-card__more\">Read the full article \u2192<\/span><\/div><\/a><a class=\"fdlaw-related-card\" href=\"https:\/\/fdlaw.com.tw\/en\/blog\/business-accounting-act-violations-taiwan\/\"><div class=\"fdlaw-related-card__image\"><img width=\"585\" height=\"365\" src=\"https:\/\/fdlaw.com.tw\/wp-content\/uploads\/2026\/08\/messageImage_1786113155572.jpg\" class=\"attachment-medium_large size-medium_large wp-post-image\" alt=\"\" loading=\"lazy\" decoding=\"async\" sizes=\"auto, (max-width: 767px) calc(100vw - 40px), (max-width: 1100px) 45vw, 520px\" srcset=\"https:\/\/fdlaw.com.tw\/wp-content\/uploads\/2026\/08\/messageImage_1786113155572.jpg 585w, https:\/\/fdlaw.com.tw\/wp-content\/uploads\/2026\/08\/messageImage_1786113155572-300x187.jpg 300w, https:\/\/fdlaw.com.tw\/wp-content\/uploads\/2026\/08\/messageImage_1786113155572-18x12.jpg 18w\" title=\"\"><\/div><div class=\"fdlaw-related-card__body\"><h3 class=\"fdlaw-related-card__title\">What are the common violations of commercial accounting law? A comprehensive overview of everything from falsified accounting vouchers and ledgers to inaccurate financial statements.<\/h3><p class=\"fdlaw-related-card__excerpt\">The core of commercial accounting law cases is not simply &quot;mistaken accounting constitutes a crime,&quot; but rather determining whether accounting vouchers, ledgers, or financial statements do not reflect actual transactions, and whether relevant personnel knowingly created, recorded, used, or intentionally omitted false information. Whether the company&#039;s responsible person, accountant, or personnel entrusted with handling accounting matters bear criminal responsibility\u2026<\/p><span class=\"fdlaw-related-card__more\">Read the full article \u2192<\/span><\/div><\/a><\/div><\/section>\n\n\n<div class=\"fd-securities fd-securities-defense-article\"><h2>In cases involving major financial crimes, the first step is to confirm the procedures; don&#039;t try to guess how long the final sentence will be.<\/h2>\n<p>Securities trading law cases often involve high-stakes penalties, extensive case files, multiple defendants, and company financial data. Searches, police questioning, prosecutor&#039;s office interrogations, and detention procedures typically occur very quickly. However, the greatest danger is not the complexity of the case itself, but rather making numerous irreversible statements before clarifying: one&#039;s own role; the evidence held by the prosecution; the background of the transaction; the flow of funds; and the statements of other defendants. Defenses in major financial criminal cases should first separate: procedural risks; roles; transactions; finances; and evidence, and then reconstruct a complete case structure.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n<p>If you have already received a notice from the Investigation Bureau, a summons from the District Prosecutor&#039;s Office, a search warrant, or a family member has been petitioned for detention, you can first organize the relevant documents and case stages before deciding on the first procedural issue that needs to be addressed.<\/p><p>other<a href=\"https:\/\/fdlaw.com.tw\/en\/criminal\/\">Major criminal cases and criminal defense<\/a>The procedural and evidentiary risks should also be determined according to the stage of the case.<\/p><div class=\"fd-cta fd-structured fd-final-cta\"><h2>The first mistake in major financial criminal cases often occurs before the first confession.<\/h2><p>If the case involves the Securities and Exchange Act, company searches, investigation bureau interviews, district prosecutor&#039;s office questioning, or detention proceedings, you can first compile the notification documents, company positions, major transactions, and currently known evidence before deciding on the first procedure and defense strategy.<\/p><div class=\"fd-actions\"><a class=\"fd-button\" href=\"https:\/\/line.me\/ti\/p\/@723pifhz\" target=\"_blank\" rel=\"noopener\">LINE Inquiries about Major Financial Criminal Cases<\/a><a class=\"fd-button secondary\" href=\"https:\/\/fdlaw.com.tw\/en\/financial-crime-defense\/\">Specialized services for major financial criminal cases and securities trading law<\/a><\/div><\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>If you are suspected of involvement in a major securities transaction law case, do these five things first: 01. Save the investigation bureau&#039;s notices, subpoenas, search warrants, and list of seized items; 02. Do not delete items from your phone, [...]<\/p>","protected":false},"author":4,"featured_media":12533,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"qubely_global_settings":"","qubely_interactions":"","footnotes":""},"categories":[77,136],"tags":[],"class_list":["post-12531","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-taipei-criminal-lawyer","category-commercial-law"],"blocksy_meta":{"page_structure_type":"type-4"},"qubely_featured_image_url":{"full":["https:\/\/fdlaw.com.tw\/wp-content\/uploads\/2026\/10\/\u91cd\u5927\u91d1\u878d\u6848\u4ef6-\u9055\u53cd\u8b49\u5238\u4ea4\u6613\u6cd5.png",472,633,false],"landscape":["https:\/\/fdlaw.com.tw\/wp-content\/uploads\/2026\/10\/\u91cd\u5927\u91d1\u878d\u6848\u4ef6-\u9055\u53cd\u8b49\u5238\u4ea4\u6613\u6cd5.png",472,633,false],"portraits":["https:\/\/fdlaw.com.tw\/wp-content\/uploads\/2026\/10\/\u91cd\u5927\u91d1\u878d\u6848\u4ef6-\u9055\u53cd\u8b49\u5238\u4ea4\u6613\u6cd5-472x320.png",472,320,true],"thumbnail":["https:\/\/fdlaw.com.tw\/wp-content\/uploads\/2026\/10\/\u91cd\u5927\u91d1\u878d\u6848\u4ef6-\u9055\u53cd\u8b49\u5238\u4ea4\u6613\u6cd5-150x150.png",150,150,true],"medium":["https:\/\/fdlaw.com.tw\/wp-content\/uploads\/2026\/10\/\u91cd\u5927\u91d1\u878d\u6848\u4ef6-\u9055\u53cd\u8b49\u5238\u4ea4\u6613\u6cd5-224x300.png",224,300,true],"medium_large":["https:\/\/fdlaw.com.tw\/wp-content\/uploads\/2026\/10\/\u91cd\u5927\u91d1\u878d\u6848\u4ef6-\u9055\u53cd\u8b49\u5238\u4ea4\u6613\u6cd5.png",472,633,false],"large":["https:\/\/fdlaw.com.tw\/wp-content\/uploads\/2026\/10\/\u91cd\u5927\u91d1\u878d\u6848\u4ef6-\u9055\u53cd\u8b49\u5238\u4ea4\u6613\u6cd5.png",472,633,false],"1536x1536":["https:\/\/fdlaw.com.tw\/wp-content\/uploads\/2026\/10\/\u91cd\u5927\u91d1\u878d\u6848\u4ef6-\u9055\u53cd\u8b49\u5238\u4ea4\u6613\u6cd5.png",472,633,false],"2048x2048":["https:\/\/fdlaw.com.tw\/wp-content\/uploads\/2026\/10\/\u91cd\u5927\u91d1\u878d\u6848\u4ef6-\u9055\u53cd\u8b49\u5238\u4ea4\u6613\u6cd5.png",472,633,false],"trp-custom-language-flag":["https:\/\/fdlaw.com.tw\/wp-content\/uploads\/2026\/10\/\u91cd\u5927\u91d1\u878d\u6848\u4ef6-\u9055\u53cd\u8b49\u5238\u4ea4\u6613\u6cd5-9x12.png",9,12,true],"qubely_landscape":["https:\/\/fdlaw.com.tw\/wp-content\/uploads\/2026\/10\/\u91cd\u5927\u91d1\u878d\u6848\u4ef6-\u9055\u53cd\u8b49\u5238\u4ea4\u6613\u6cd5.png",472,633,false],"qubely_portrait":["https:\/\/fdlaw.com.tw\/wp-content\/uploads\/2026\/10\/\u91cd\u5927\u91d1\u878d\u6848\u4ef6-\u9055\u53cd\u8b49\u5238\u4ea4\u6613\u6cd5-472x320.png",472,320,true],"qubely_thumbnail":["https:\/\/fdlaw.com.tw\/wp-content\/uploads\/2026\/10\/\u91cd\u5927\u91d1\u878d\u6848\u4ef6-\u9055\u53cd\u8b49\u5238\u4ea4\u6613\u6cd5-140x100.png",140,100,true]},"qubely_author":{"display_name":"\u674e\u80b2\u6607\u5f8b\u5e2b","author_link":"https:\/\/fdlaw.com.tw\/en\/author\/charles-lee\/"},"qubely_comment":0,"qubely_category":"<a href=\"https:\/\/fdlaw.com.tw\/en\/blog\/category\/taipei-criminal-lawyer\/\" rel=\"category tag\">\u5211\u6cd5\u53ca\u5211\u4e8b\u8a34\u8a1f<\/a> <a href=\"https:\/\/fdlaw.com.tw\/en\/blog\/category\/commercial-law\/\" rel=\"category tag\">\u5546\u6cd5<\/a>","qubely_excerpt":"\u6d89\u5acc\u91cd\u5927\u8b49\u5238\u4ea4\u6613\u6cd5\u6848\u4ef6\uff0c\u5148\u505a\u4e94\u4ef6\u4e8b\uff1a 01\u4fdd\u5b58\u8abf\u67e5\u5c40\u901a\u77e5\u3001\u50b3\u7968\u3001\u641c\u7d22\u7968\u53ca\u6263\u62bc\u7269\u54c1\u76ee\u9304\uff1b 02\u4e0d\u8981\u81ea\u884c\u522a\u9664\u624b\u6a5f\u3001&hellip;","_links":{"self":[{"href":"https:\/\/fdlaw.com.tw\/en\/wp-json\/wp\/v2\/posts\/12531","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/fdlaw.com.tw\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fdlaw.com.tw\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fdlaw.com.tw\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/fdlaw.com.tw\/en\/wp-json\/wp\/v2\/comments?post=12531"}],"version-history":[{"count":8,"href":"https:\/\/fdlaw.com.tw\/en\/wp-json\/wp\/v2\/posts\/12531\/revisions"}],"predecessor-version":[{"id":12678,"href":"https:\/\/fdlaw.com.tw\/en\/wp-json\/wp\/v2\/posts\/12531\/revisions\/12678"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fdlaw.com.tw\/en\/wp-json\/wp\/v2\/media\/12533"}],"wp:attachment":[{"href":"https:\/\/fdlaw.com.tw\/en\/wp-json\/wp\/v2\/media?parent=12531"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fdlaw.com.tw\/en\/wp-json\/wp\/v2\/categories?post=12531"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fdlaw.com.tw\/en\/wp-json\/wp\/v2\/tags?post=12531"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}