Yao Gang, former vice chairman of the China Securities Regulatory Commission, was sentenced to 18 years in prison for taking bribes and insider trading, and fined 11 million yuan (around 1.6 million U.S. dollars) on Friday.

His illegal gains will be confiscated by the state, according to the verdict announced by the Intermediate People's Court of Handan, northern China's Hebei Province.

The court found that Yao took advantage of his positions in order to seek benefits for certain organizations and in return accepted money and property worthy of over 69.61 million yuan through his family members between 2006 and 2015.

He was also found guilty of using insider information acquired during his work from January to April 2007 to carry out insider trading and of illegally gaining more than 2.1 million yuan.

The court also said that Yao was given a lenient punishment as he confessed to his crimes, showed repentance and voluntarily surrendered his illicit gains, all of which have been recovered. 

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