The China Insurance Regulatory Committee (CIRC) announced a ban on Yao Zhenhua, former chief of Foresea Life Insurance, a unit of the financial conglomerate, Baoneng Group, on entering the insurance business for 10 years on Friday.

According to a statement on CIRC’s website, Yao should entail direct responsibility for the fraudulent documents concerning financing to buy shares and battle the leadership of some Chinese enterprises, including Vanke.

CIRC said Foresea Life was suspended to sell “universal life” insurance products and applied aggressive leverage until the firm’s capital chain confronted problems. At the same time, the takeover activities of Yao also made targets enterprises’ share prices fluctuate greatly, and shareholders were exposed to high market risk.