Former fund manager Li Xuli went on trial accused of insider trading at Shanghai Higher People’s Court on Thursday.

Li used to be chief investment officer at the Bank of Communications Schroder Fund Management.

He was previously given a four-year sentence and fined 18 million yuan ($2.93 million) for profiting from insider trading in November 2012.

An investigation by the China Securities Regulatory Commission found Li illegally used inside information to make more than 10 million yuan, from February to May 2009.

Li denied the charges in court on Thursday, arguing that the statement he made to investigators was given under threat.

China’s securities market has long been plagued by manipulation and “rat trading”, as some brokers and high-level managers of financial institutions use inside information to reap illicit gains and manipulate share prices.

A ruling in the case will be announced later, according to the court.