The former vice chairman of China’s securities regulator has been found guilty of corruption after nearly two years of investigation by the country’s top anti-corruption watchdog.

China’s anti-corruption body, the Central Commission for Discipline Inspection (CCDI) found the chairman, Yao Gang, had “violated party discipline”. He was also found guilty of “abusing his power to seek benefits and accepted huge amounts of money,” according to a statement posted to the commission’s website.

Mr Yao joined the China Securities Regulatory Commission (CSRC) in 1992 and founded the body’s futures department. He became vice chairman in 2008 and was responsible for approving applications for initial public offerings before overseeing bonds and futures. He earned the nicknamed “King of IPOs” for how he was able to rapidly shepherd through IPO applications.