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Mao Heping, chairman of the Shanghai-based Fuyou Securities, has been arrested for alleged embezzlement of the company's fund, the China Securities Journal reported Thursday.

Also arrested was Zhou Weiyan, a board director of Nongkai Development Group in Shanghai, who faces a similar charge.

The journal reported that relatives of the two had been formally notified by the judicial department.

Before being arrested, Mao and Zhou had been detained by police as part of a criminal investigation, according to reports in mid-July.

Mao is the brother-in-law of Zhou Zhengyi, a Shanghai property tycoon who is under investigation.

Zhou Zhengyi is the chairman of the Shanghai Nongkai Development Group. Zhou Weiyan is his nephew.

A number of Nongkai managers have been investigated for possible problematic loans the group drew.

Detentions, investigations and arrests have jolted Nongkai-associated companies and triggered a free-fall in their shares.

Securities regulators, concerned about abuses at some securities companies, recently warned managers not to misuse client funds.

Li Xiaoxue, assistant chairman of the China Securities Regulatory Commission (CSRC), said at a just-concluded conference that securities firms were prohibited from using the trading settlement fund, entrusted fund and bonds.

He said securities firms should put in place sound internal controls and good corporate governance practices.

While promising securities firms more financing options such as bond issuance and public listings, CSRC officials also have urged them to strengthen their controls.

Fuyou Securities is a medium-sized brokerage in Shanghai, with business and branches in a number of cities.

Its biggest shareholder is Shanghai University Technology Group, also controlled by Zhou Zhengyi.

A number of Fuyou's offices had earlier been placed under the administration of another securities firm due to operational risks, it was reported in June.

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