BEIJING, May 20 -- Chinese securities regulator has announced sanctions against Sealand Securities after months of investigation into fake bond agreements.

The company will be banned from issuing asset management products, opening new accounts and underwriting bonds for a year, the China Securities Regulatory Commission (CSRC) said in a statement.

Problems were found during the investigation, the CSRC said, including chaotic internal management, failed compliance and risk control, and multiple other violations.

The commission demanded Sealand Securities rectify the situation within a year and improve self-scrutiny.

The probe came after two former employees of Sealand Securities forged bond agreements worth around 20 billion yuan (nearly 3 billion U.S. dollars) at the end of 2016, which affected more than 20 financial institutions and disrupted market order.

The two have been banned from asset management for up to 10 years.

The CSRC spokesperson Zhang Xiaojun said brokerages and fund companies should learn their lesson and improve management of core business and personnel to ensure their business conforms to regulations.

In separate statements, the CSRC announced punishments to cases on market manipulation, insider trading and other violations.