Summary of the Key Points
Sun, an investor born after 1995, used AI tools to generate a large number of fake articles about a listed company's soda ash production failures and earthquake damages. After posting these articles on online platforms, he took the opportunity to trade soda ash futures and made a profit of 85,000 yuan. In the end, the Sichuan Securities Regulatory Bureau confiscated his illegal gains and fined him a total of 485,000 yuan. This year, several similar cases of AI-generated false information have been announced by regulators, indicating an increased crackdown on such market-disturbing behaviors.
The “Modus Operandi” of the AI-Generated Articles: 17 Fake News in Two Days
Sun's process was quite systematic:
1. Gathering Materials: He collected rumors about Company A from the internet (related to soda ash production and earthquakes).
2. AI Generation: He used AI tools to turn these rumors into well-documented articles (e.g., “boiler failures that would take half a year to repair” or “earthquakes causing factory damage”).
3. Massive Posting: He posted these articles through multiple Baidu accounts, such as “Di Kan”, at an intense pace: 4 articles in two hours on November 28 and 13 articles on the evening of November 30, for a total of 17 articles with highly repetitive content.
4. Spreading Influence: These articles received nearly 9,000 views, prompting investors to ask questions on the Shenzhen Stock Exchange’s interactive platform, and some even reported the situation to the 12386 regulatory hotline.
In simple terms, he used AI to create fake content in a “copy-paste” manner to quickly gain attention on social media.
Why Does Spreading Fake News Generate Profit? The Logic Behind It
The price of soda ash futures is directly linked to Company A’s production situation. If people believe that the factory has stopped operating due to a failure, they expect the supply of soda ash to decrease, which would drive up prices; conversely, prices would fall. Sun’s strategy was as follows:
- Early Positioning: Before spreading the fake news, he bought soda ash futures contracts, betting on future price increases.
- Spreading the News: Once the fake news spread, market panic or herd behavior caused price fluctuations.
- Profiting from the Situation: He sold his contracts when prices reached the expected level, making a profit from the difference.
This time, he made 85,000 yuan, but he was fined nearly 500,000 yuan—a typical case of “losing more than you gained by trying to cheat.”
Is the Fine of 485,000 Yuan Unfair? The Regulators Refuted All Excuses
Sun presented several defenses, but they were all dismissed:
- Claiming No Impact: The regulators argued that the fake news led to investor inquiries and reports, disrupting the futures market order, showing clear intent.
- Saying He Had a Mental Illness: He failed to provide evidence proving that he couldn’t control his behavior during the period of the alleged illness.
- Arguing About the Case Deadline: The regulators stated that the illegal act was discovered within two years (within the statutory time frame for accountability), and the initiation of the case was legal.
- Claiming That Profits Were Unrelated to the Fake News: The regulators determined that the trading times coincided with the distribution of the fake news, meaning his illegal gains were indeed derived from the false information, and the calculation method was standard.
Ultimately, based on the “Futures and Derivatives Law”, a total fine of 485,000 yuan was imposed, which is quite substantial.
This Is Not the Only Case This Year! AI-Generated False Information Has Become a Focus of Regulatory Actions
Besides Sun’s case, there have been several others this year:
- In May, the Beijing Securities Regulatory Bureau fined Feng and Ban for using AI to create fake stock market articles.
- The police in Nanbu County also penalized Wang for using AI to write articles to gain traffic.
This shows that with the widespread use of AI technology, the cost of generating false information has decreased, and regulators are stepping up their efforts to crack down on such activities—whether it’s for profiting from price fluctuations in futures or just gaining attention through fake content.
How Can Ordinary People Protect Themselves?
To avoid falling for scams, ordinary investors should:
1. **Distrust Unverified “Rumors”: Don’t rush to believe sudden news about listed companies found on the internet, especially those with repetitive content and awkward logic.
2. Check Official Sources: Verify information from the company’s official website or the interactive platforms of the Shenzhen/Shanghai Stock Exchanges for corporate responses (for example, Company A clearly stated that its production was normal and not affected by the earthquake).
3. Report Promptly: If you come across false information, call the 12386 regulatory hotline to report it and help prevent more people from being deceived.
In summary, while AI is a powerful tool, those who use it for malicious purposes will face consequences. To make money legitimately, one must follow the rules; trying to outsmart the system will only lead to punishment.