How did the referee judge if the capital market ran away?

It depends. If it is not suspected of online fraud, the publicity of the fund disk is consistent with the actual results, and it will not cause property losses to others, and it will not constitute a crime and will not be sentenced; If you defraud a large amount of public or private property by fabricating facts or concealing the truth for the purpose of illegal possession, it will constitute fraud and will be sentenced.

Legal objectivity:

Article 266 of the Criminal Law stipulates that whoever defrauds public or private property in a relatively large amount shall be sentenced to fixed-term imprisonment of not more than three years, criminal detention or public surveillance, and shall also or only be fined; If the amount is huge or there are other serious circumstances, he shall be sentenced to fixed-term imprisonment of not less than three years but not more than ten years and shall also be fined; If the amount is especially huge or there are other especially serious circumstances, he shall be sentenced to fixed-term imprisonment of not less than 10 years or life imprisonment, and shall also be fined or confiscated.