交易商们并不接受所出资金转为恒丰重组股份，“让我们为恒丰违规操作和非法占有交易资金买单。在查清资金去向之前，我们绝不会同意”

Traders do not accept the funds to the restructuring shares，“Let us for the illegal operation and occupy illegally trading funds buy。To find out the money in before，We will never agree”

　　国务院38号文规定的交易所清理整顿6月30日大限已过，交易所乱象未止。

38 the provisions of the state council and rectify exchange on June 30 deadline has passed，Exchange the mess not stop。

　　近日，多位大蒜远期交易商向本报反映，江苏恒丰农交所违规参与大蒜交易，并私自挪用客户保证金，目前，交易商的可出资金（保证金和交易资金）被掏空，无法支取。

recently，Many garlic to our long-term traders reflect，Jiangsu hengfeng farmers exchange trading in illegal garlic，And who divert client margin，At present，Traders out of money（Margin and trading capital）hollowed，Can't withdraw。

　　江苏恒丰农交所2010年1月经省工商局备案注册，在盐城市登记成立，以B2B、B2C为主要交易模式。交易品种有啤麦、菊花、大蒜等，2012年重点推介大蒜交易，在大蒜之乡山东金乡（毗邻江苏），成为寿光盘、龙鼎盘、南店子盘之后又一交易活跃大盘。

Jiangsu hengfeng farmers exchange 2010 1 menstrual save industrial and commercial bureau registration for the record，Yancheng city was established in registration，With B2B、B2C as the main trade pattern。Trading products have beer mic、chrysanthemum、Garlic, etc，2012 highlights garlic deal，In the garlic township of shandong jinxiang（Adjacent to jiangsu），Become shouguang dish、LongDing dish、The shop after a dish and south transactions active grail。

　　7月12、13日，记者两次来到位于盐城开发区软件园B区的恒丰办公地，均已大门紧锁，人去楼空。

July 12、13，Two reporters come to be located in yancheng development zone software park B area the office space，Are already door lock，deserted。

　　“总共资金缺口1.5亿左右，全部为客户保证金。加上我用掉的2000多万元，总共窟窿应该是1.8亿元。”7月7日，在盐城相关政府部门安排下，恒丰农交所董事长张国亮对交易商代表称，资金窟窿主要来自两方面，一是个人挪用的保证金，一是恒丰自身参与交易亏空了钱。

“Total funding gap around 150 million，All for client margin。Plus I use the drop of more than 2000 yuan，Total hole should is 180 million yuan。”July 7，Yancheng the related government department under the arrangement，The chairman of the agriculture into ZhangGuoLiang traders representative said，Money mainly from two aspects of the hole，One is a man took margin，One is the itself in the deal had a deficit of money。

　　恒丰交易商代表仇长勇说，因恒丰而受影响的投资者，仅金乡蒜交易商有近1000户，加上其他客户共近4000余人。

Hengfeng traders QiuChangYong representative said，Because of the affected by the investors，Only jinxiang garlic traders have almost 1000，Plus other customers with a total of nearly 4000 more than person。

　　“如果犯罪状况和资金缺口较小，可以对恒丰农交所进行重组。”盐城金融办一位负责人13日对记者称。

“If the crime status and less funding gap，Can the exchange of agricultural restructuring。”Yancheng financial do a controller 13 to reporters said。

　　金乡几位大蒜交易商称，已经有代理商在试探他们对重组的看法，“恒丰的主要想法是，让我们之前所出资金转为恒丰股份”。但是，交易商们并不接受，“让我们（交易商）为恒丰违规操作和非法占有交易资金买单。在查清资金去向之前，我们绝不会同意”。

Jinxiang several garlic traders said，They have been tempted to restructuring agency views，“The main idea is the，Let us before the funds from the into shares”。but，Traders do not accept，“Let us（traders）The illegal operation and for illegal possession trading funds buy。To find out the money in before，We will never agree”。

　　7月13日，盐城经侦一位内部人士告诉记者，市公安局已经在7月2号左右成立专案组，调查恒丰交易所资金去向和追回资金。“山东类似交易所案仅调查就半年左右时间，因此不可能马上出结果”。

July 13,，Yancheng economic a source told reporters，The municipal public security bureau has been in July 2, as was established around，The exchange fund to survey and recover the money。“Shandong similar exchange of half an year is only survey in time，It is not possible to immediately out the results”。

　

　噩梦数月的投资者 The nightmare months of investors

　　作为恒丰客户，最近几个月对杨亚凡来说好像噩梦。

As a customer, the，In recent months, seemed to YangYaFan nightmare。

　　最多时他曾盈利约1000万元，但在恒丰提升保证金后，前期盈利悉数被吃尽，目前连830万的保证金也已被冻结。

He had the most seere profit of about 10 million yuan，But the deposit in ascension，All the earnings by eat up，Now even the 8.3 million has been frozen deposits will also。

　　杨亚凡为金乡一中型大蒜储存加工企业老板，公司有1000吨左右冷藏蒜，工厂占地3000平方米。但是对于大蒜远期交易，杨是个外行人。

YangYaFan for jinxiang a medium garlic storage processing enterprise boss，The company has 1000 tons frozen garlic，The factory covers an area of 3000 square meters。But for garlic forward transactions，Yang is a layman。

　　2012年4月份，在恒丰代理商的邀请下，杨亚凡参加了恒丰在日照的蒜交易推介会，推介会后不久，杨亚凡便开始涉足恒丰农交所投资，陆续投入资金830万元，交由代理商操作。

April 2012，The agent in the invitation，YangYaFan attended the sunshine of garlic in trade promotion，Promotion soon after the meeting，YangYaFan began to involved in agriculture investment into space，Have invested 8.3 million yuan，The agent to operation。

　　今年的大蒜行情在天气因素影响下严重减产，现货大蒜价格从2月初的1.2元/斤上升到5月份4元/斤。杨亚凡的代理商“多头”投入大蒜，5月中旬前，杨亚凡账户盈利不断增长，最高时浮盈近千万元。

This year the garlic market under the influence of the factors in the weather severe losses，Stock price from the early February garlic 1.2 yuan/jins rise to July 4 yuan/jins。YangYaFan agents“bull”Into garlic，By the middle of may，YangYaFan account earnings growth，The highest float surplus of nearly RMB ten million yuan。

　　然而，噩梦在悄悄靠近。

however，The nightmare in the stalks。

　　5月20日，恒丰农交所发布通知：交易所21日停盘，从22日起涨跌幅比例由5%提高至8%，保证金比例由20%提高至35%，23日起禁止订立新合约，只允许转让和交收操作。

May 20,，Farmers into the issued by notice：Exchange 21 closes，From 22, go up drop by 5% since ratio increased to 8%，Margin ratio increased to 35% from 20%，23, concluded on the New Deal，Only allow transfer and the delivery operation。

　　通知无异于晴天霹雳，惊魂未卜的杨亚凡和其他几个交易商连夜赶往盐城交涉，恒丰表示空头愿意弃仓，有6万吨的空单需要多头来平仓，但前提是“多头按照盘面价格让利100到200点”。对此杨亚凡等人表示同意。

Notice was a bolt from the blue，The panic is uncertain YangYaFan and several other traders rushed to yancheng bargaining，The short willing to abandon storehouse said，There are 60000 tons of empty single need more to unwind，But the prerequisite is“According to the disk profits to the price more than 100 to 200 points”。This YangYaFan etc to agree。

　　然而意想不到的事情再次发生了，23日，前一日各月份合约大都以8%的幅度跌停。24日，盘面再次狂跌近8%。平仓协议成了一纸空文。经此变化，杨亚凡前期盈利被大幅侵蚀。

However unexpected happen again，23，The day before the contract in which were rate of 8% drop stop。24，The disk roiled nearly 8%。Unwind agreement became a dead letter。After the change，The earnings YangYaFan significant erosion。

　　此后数日，恒丰农交所的规则如同过山车一样，上上下下。加上新合约订立和保证金政策的变化，大批交易商“被爆仓”。

A few days after this，The farmers exchange rules like a roller coaster，Up and down。Add new contracts and deposit the change of policy，Large number of traders“Be critically warehouse”。

　　噩梦仍未结束。6月23日，交易商们在4800点附近被强行平仓，随后交易资金和保证金便再也取不出来了。

The nightmare is not over yet。June 23,，Near 4800 traders were forcibly liquidated，Then trading funds and margin you can take it out。

　　“直到目前，虽然账户中显示余额，但是资金仍然无法取出。”杨亚凡7月15日无奈对记者称。

“Until now，Although the show in the account balance，But the funds still cannot remove。”YangYaFan July 15, but said to reporters。

　　

扎入蒜盘的金乡蒜客 Plunge into the garlic dish jinxiang garlic guest

　　据集体遭殃于恒丰的交易商代表称，像杨亚凡这样的金乡蒜交易商有近1000户。

According to collective suffer the traders in the delegate said，Like YangYaFan such jinxiang garlic traders have almost 1000。

　　蒜市的疯狂催热了恒丰盘。在金乡，投资者此前一直参与寿光盘、龙鼎盘、金乡南店子等大蒜电子交易市场（下称大蒜电子盘）交易，2010年寿光盘停、龙鼎盘崩，2011年底以来南店子盘也陷入清盘危机。2011年恒丰农交所抓住这一机会重推蒜交易。

The city of garlic crazy push hot hengfeng plate。In jinxiang，Investors had been involved in shouguang plate、LongDing dish、Jinxiang south and garlic electronic trading market the shop（Said the garlic electronic plate）trading，2010 NianShou CD stops、LongDing dish collapse，Since the end of 2011 south into the shop dish also liquidation crisis。In 2011, the agriculture exchange seize this opportunity to push the garlic heavy trade。

　　“虽然之前参加过的蒜交易平台都因为各种原因清盘，但在政府（山东日照）强势介入下，保证金基本可以拿回来，没怎么亏钱，大家还都愿意参与。”杨亚凡称。

“Although in garlic before trading platforms have liquidated for any variety of reasons，But in the government（Shandong sunshine）Under strong intervening，Basic deposit to get it back，Didn't lost money，We are willing to participate。”YangYaFan says。

　　此外，恒丰农交所虽远在江苏，但其原副董事长董刚，在业内曾被称为金乡四大蒜王之一。

In addition，The farmers exchange is far jiangsu，But the former vice President DongGang，In the industry has been called jinxiang four garlic one of the king。

　　根据交易商代表提供的材料，董刚又名董自刚，山东临沂人，发迹于寿光大蒜电子盘。董自刚2009年初接手金乡大蒜果蔬电子交易市场，此后改名为金乡大蒜国际交易所，俗称“南店子盘”，但2011年董自刚退出，另一股东接任董事长；随后董自刚开始进入恒丰农交所任副董事长，张国亮任恒丰董事长。

According to the representative of the materials provide traders，DongGang and name since just dong，Shandong linyi people，As YuShouGuang garlic in electronic trading。Since early 2009 dong just took over jinxiang garlic fruit and vegetable electronic trading market，Since then renamed jinxiang garlic international exchange，Commonly known as“South shop dish”，But by 2011 from just quit，Another shareholder take over the chairman；Then from the beginning by farmers into the vice President as pay，As chairman of the ZhangGuoLiang。

　　恒丰打入金乡，董自刚功不可没，一个是在其他蒜电子盘积累的客户，也有一些代理商帮他在金乡开拓市场。

Hengfeng scored jinxiang，Dong since just done not have，One is in other electronic dish of accumulation of customer garlic，Some businessmen in jinxiang his agent market。

　　据交易商代表统计，截至7月份，仅已统计在内的恒丰金乡大蒜交易商就有近1000户，可出资金4000到5000万。

According to traders representative statistics，By July，Only has counted the jinxiang garlic traders of nearly 1000 households，But funds from 4000 to 50 million。

　　在恒丰农交所，蒜交易是较晚推出的品种，此前，该交易所已经有菊花、当归、大麦等品种，但是交易所的交易一直不温不火。根据上述开发区软件园相关负责人称，恒丰交易所注册资本1000万元，去年纳税也仅有300万。

Farmers in the exchange，Garlic trading is late launch of the breed，after，The exchange has chrysanthemum、angelica、Barley varieties such as，But exchange trading has not been lukewarm not fire。According to the development zone software park related officials say，Hengfeng exchange registered capital of 10 million yuan，Tax last year and only 3 million。

　　大蒜品种活跃了恒丰盘，并一度成为恒丰的重要品种，但问题也开始暴露。

Garlic cultivars active hengfeng plate，And had become an important variety of space，But the problem also began to exposure。

　　恒丰称，“以农产品个体工商户、农产品流通经纪人、农产品经营、加工企业及相关产业链（为）客户群体”。然而，在今年初，恒丰已经暴露出代理商和部分客户无真实产业背景，通过交易所投机赚钱的嫌弃（见本报2012年4月20日文章《日均交易千次恒丰农交所代理商狂吸客户佣金》）。

Hengfeng says，“Individual and industrial and commercial door to agricultural products、Produce current agent、Agricultural management、Processing enterprises and related industrial chain（for）Client group”。however，Earlier this year，Hengfeng has exposed the agent and the part of the customers' no real industry background，Through the exchange of speculative money abandon（See our newspaper on April 20, 2012 article《Average daily trading one thousand times, the farmers exchange commission agent crazy suck customers》）。

　　彼时，恒丰爆出全国多省的二级代理商，通过修改客户账户密码、频刷交易、对敲等方式，大肆榨取客户资金，其中有客户的账户被日均交易过千次。当时，多名受损投资者质疑恒丰与二级代理商共谋。

Back then，In the province of the secondary agent，By modifying the customer account password、Frequency brush trading、Way to knock, etc，Squeezed by client money，Among them are the customer account is average daily trading one thousand times。At that time，More than damaged investors questioned the secondary agent and conspiracy。

　　记者获悉，当时江苏省金融办称“检查的初步结果是，上述案件跟交易所没有直接关系。但我们已经明确要求恒丰农交所进行整改，尽量选择跟农产品产业链有关系的代理商。”盐城金融办一位人士称。

The reporter learns，At that time the financial do say in jiangsu province“The check is preliminary results，The above case no direct relationship with exchange。But we have clear requirements, the farmers into the action，Try to choose a relationship with agricultural products industry chain of agents。”Yancheng financial do a personage says。

　　然而，后面的事情仍然一发不可收拾。

however，The back of the things still uncontrollable。

　　2012年7月初，来自金乡、邳州多地的交易商代赶赴盐城，却被董事长张国亮告知“交易所的资金窟窿已达1.8亿”。

Early July 2012，Jinxiang from、The headquarters of the shang dynasty to deal more yancheng，But the chairman ZhangGuoLiang told“Exchange of money hole has reached 180 million”。

　　张国亮，新晋盐城十大杰出青年。但是根据软件园区一位相关负责人透露，张国亮资金实力并不雄厚，旗下除了恒丰农交所并无其他公司，个人资产也仅有房产，价值数百万元。

ZhangGuoLiang，New jin yancheng ten outstanding young。But according to software park a responsible disclosed，ZhangGuoLiang financial strength is not strong，Besides, the exchange, farmers and no other company，Personal assets also only property，Worth millions。

　

　谁持有了空单？ Who hold the empty list？

　　一直萦绕在杨亚凡头脑的是，究竟谁持有了空单，对此，恒丰农交所讳莫如深。

Always linger in the mind is YangYaFan，Who hold the empty list，this，The farmers exchange to keep secret。

　　6月4日，杨亚凡等十来个金乡投资者齐聚盐城，和恒丰副总裁张昊接触，双方对5月21日签署的平仓协议起了争执。交易商质问恒丰为何已签署平仓协议，却未平仓，使得接下来几个交易日众多多头投资者爆仓。

June 4,，YangYaFan wait ten to a jinxiang investors in yancheng，And the vice President hao contact，The two sides May 21, liquidated agreement signed up in dispute。Traders questioned why the liquidated have signed the agreement，Did not unwind，Make the next few trading day more than many investors blasting warehouse。

　　张昊称，平仓协议不仅需要多头签署，还需要空头签署。但他并未透露谁持有空单。

Hao said，Unwind agreement signed needs not only bull，Still need to bear sign。But he did not give who hold empty list。

　　彼时，鲜蒜收购价格在4元/斤左右，和恒丰盘交割的蒜价格在9000元/吨以上，而恒丰盘面各合约价格都不足5000元/吨，与现货价格大幅背离4000多元，如杨亚凡一样的投资者纳闷，这种行情下，竟有其他投资者继续做空？

Back then，Fresh garlic acquisition price in 4 yuan/jins，And the delivery of the plate price is in 9000 yuan of garlic/tons，And each of the disk, the contract price is less than 5000 yuan/ton，And spot price from a 4000 multivariate，If YangYaFan the same investors feel suspicious，Under the market，But there are other investors continue to be empty？

　　恒丰农交所的其他行为也使得投资者疑虑：5月份，交易所两次限制订立新合约，前一次使各合约走出两个8%跌停板，后一次也造成一个5%的跌停板，杨亚凡等投资者怀疑，袒护空头迹象明显。

The farmers exchange other actions that the investors also doubts：In may，Exchange two new contracts concluded restrictions，The first make the contracts out of two 8% drop stop，After a time also caused a 5% drop stop，YangYaFan investors such as suspect，Short defended the obvious signs。

　　7月7日，在政府安排的三方见面会上，张国亮坦承，恒丰农交所自身确实参与过交易，对赌造成亏损，构成了1.8亿元亏损的一部分。

July 7，The three parties in the government arrangement session，ZhangGuoLiang admits，The farmers exchange their own really involved in trade，Spread-betting cause losses，Constitute part of the loss 180 million yuan。

　　根据张国亮所言，对赌交易主要由董自刚操作，5月25日恒丰免去董自刚副董事长职务，而现在，一众投资者们发现，已联系不上董自刚。

According to ZhangGuoLiang said，Trade mainly by the spread by just operation，On May 25, the free from the vice President just by post，And now，The investors found，Already can not contact since just dong。

　　仇长勇告诉记者，目前代理商们希望他们参与重组，他们也不会同意。

QiuChangYong told reporters，At present agencies hope they reorganization，They also won't agree。

　　一个值得注意的现象是，4月11日，江苏省贯彻国务院“38号文”，发布《关于开展全省各类交易场所清理整顿工作的通知》明确指出，目前存在“个别交易场所股东直接参与买卖或价格操纵等违规行为”。

A notable phenomenon is，April 11,，To carry out the state council in jiangsu province“Article 38”，release《In the province of of all kinds of trading places rectifications notice》Explicitly pointed out that，At present“Individual shareholders directly involved in business transactions or price manipulation, etc and illegal activities”。

　　《通知》发布几天后的4月17日，江苏省金融办专门检查了当时屡遭投诉的恒丰农交所，核查后认定恒丰个别代理商存在违规，而对交易所的运营模式，资金监管等方面并没有提出直接异议。

《notice》A few days later released on April 17,，Jiangsu province to check the special financial at that time by the farmers, the complaint repeatedly into place，Check that the individual agents exist after breaking the rules，And to exchange the operation mode，Fund supervision and raised no objection to directly。

　　对于监管，杨亚凡也有疑问。当初恒丰农交所在金乡推广蒜交易时，曾称交易资金绝对安全，第三方监管于工商银行(601398,股吧)；开户时，杨亚凡被要求使用工商银行“集中式银商转账业务”。

For supervision，YangYaFan also have doubt。At the beginning, the farmers in jinxiang promote garlic into trade，Once said trading funds absolute safety，The third party supervision in industry and commerce bank(601398,Shares it)；When opening an account，YangYaFan were asked to use industry and commerce bank“Centralized silver business money transfer business”。

　　记者拿到的一份工行《集中式银商转账业务操作手册》显示，“除交易手续费外，交易会员结算账户不得向其他账户划转资金”。

The journalist had a Labour travel《Centralized silver business money transfer business operation manual》shows，“In addition to the transaction commission，Trading members settlement account can not to other account transfer funds”。

　　然而，7月7日，张国亮自爆挪用了客户保证金2000多万。代理商们开始怀疑，银商转账系统监管功能是不是出了问题？

however，July 7，ZhangGuoLiang explosive misappropriate the client margin of more than 2000。Agents began to doubt，Silver business regulatory function transfer system is out of the question？

　　“我们和交易商之间不存在资金托管关系；我们也没有和交易所之间签订任何资金监管协议。”7月13日，盐城工商银行相关人士回应称。对于记者问及的银商转账系统资金监管效用问题，该人士以不熟悉具体业务为由拒绝回答。

“We and traders does not exist between funds managed relations；We also have no any contract between the exchange fund supervision agreement。”July 13,，Yancheng industry and commerce bank related people respond to say。Reporters asked for the silver funds transfer system business regulatory utility problem，The people not familiar with specific business refuse to answer。