On the Tiered Legal Interest Construction of Financial Fraud
The frequent occurrence of financial fraud has become a"tumor"threatening the financial security of our country,yet existing theories of legal interests have not proposed a scien-tific and reasonable attribution scheme.The ambiguity in the relationship between legal interests in the compound legal interest perspective makes it difficult to exert its restriction of the interpre-tative function;adhering to this position leads to confusion in the standards for decriminalization and criminalization.The perspective of reductionist property interest overlooks the particularity of fraudulent acts in financial markets,and adhering to this position makes it hard to distinguish be-tween different types of fraud crimes.The perspective of financial interest lacks substantive exam-ination of the content of legal interests,and adhering to this position risks falling into the trap of the"violation of norms theory".The legal interest of financial fraud should be a dual-tiered constructivist legal interest,with"financial interest"as the primary tier and"property interest"as the secondary tier.The substantive core of financial interest is genuine credit in the financial market transactions,while the substantive core of property interest is the assets in the domain of financial investment.Based on the constructive logic and substantive connotations of the hierar-chical approach to legal interests,it is possible to fully unleash the interpretive function of finan-cial legal interests and the reverse filtering function of property legal interests,effectively protec-ting citizens'rights from criminalization in the ever-changing financial markets,and reasonably defining the boundaries of criminal law's intervention.
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