Chinese state media announced a slew of confessions on Monday following investigations into recent stock market gyrations, including from a detained reporter who admitted to spreading false information that caused "panic and disorder."
An official from China's securities regulator had confessed to insider trading while four senior executives from China's largest brokerage, CITIC Securities, had also confessed to insider dealing, the official Xinhua news agency reported.
China is trying to boost its stock markets, which have plunged some 40 percent since mid-June on concerns over the country's slowing economy and an unexpected devaluation of the yuan currency in mid-August.
Among a number of measures, authorities have cracked down on the fabrication of trading information, alleged malicious short selling and other strategies seen as hampering a recovery.
Xinhua said Wang Xiaolu, a reporter at the respected Caijing business magazine, had confessed to writing about the Chinese stock market "based on hearsay and his own subjective guesses" that "inflicted huge losses on the country and investors."