Hong Kong’s Jap Magistrates’ Court docket has
convicted Danny Fung Kwong Shing, a former account government of Fulbright
Securities, of fraud.
This comes 5 years after the Hong Kong
Securities and Futures Commision (SFC) slammed a life-long trade ban on Kwong
Shing.
The Court docket discovered Kwong Shing responsible of
participating in fraud or deception whereas finishing up securities transactions
regulated underneath the nation’s Securities and Futures Ordinance.
The SFC introduced on Friday that the previous
Fulbright Securities government has been remanded in custody whereas he awaits
to be sentenced on October twenty seventh.
Kwong Shing pleaded responsible to all 25
costs introduced in opposition to him by the SFC, the Hong Kong securities regulator introduced.
In keeping with SFC, Kwong Shing in the course of the
listening to admitted that between 2 August 2013 and 16 December 2013 he used two of his
consumer’s funds and securities with out approval.
The regulator stated the manager confessed to fraudulently
effecting transactions in eight shares with the 2 accounts, shopping for shares at
excessive costs with one of many consumer’s fund and promoting them at low costs to his good friend’s (and consumer’s) accounts.
“These collection of transactions resulted in
a buying and selling revenue of $172,890 to his good friend and a lack of $48,321 to his
consumer,” the SFC stated.
SFC’s Life Ban
In 2017, the SFC fined Kwong Shing
$542,071 and banned him for all times from coming again to the nation’s buying and selling trade.
The monetary markets regulator had discovered
that between January 2013 and 2014, he executed 772 unauthorized transactions in
the account of his friend-cum-client at Fulbright Securities.
On prime of that, the watchdog stated he fabricated a phone order recording to mislead Fulbright Securities into pondering the
order was positioned by the good friend.
Moreover, Kwong Shing impersonated
one other friend-cum-client by means of the phone and positioned orders on their account at
one other Enhanced Securities Restricted.
Consequently, SFC added, the manager
secured revenue for the second friend-cum-client whereas the primary misplaced $2.6
million because of unauthorized transactions on his account.
In the meantime, earlier this 12 months, the SFC discovered a number of compliance lapses in a number of on-line brokerages working in Hong Kong.
The regulator reviewed 50 licensed companies providing on-line brokerage, distribution and advisory providers within the nation.
Moreover, the SFC discovered that the brokers opened 96% of its accounts previously 12 months by means of non-face-to-face onboarding processes.
Hong Kong’s Jap Magistrates’ Court docket has
convicted Danny Fung Kwong Shing, a former account government of Fulbright
Securities, of fraud.
This comes 5 years after the Hong Kong
Securities and Futures Commision (SFC) slammed a life-long trade ban on Kwong
Shing.
The Court docket discovered Kwong Shing responsible of
participating in fraud or deception whereas finishing up securities transactions
regulated underneath the nation’s Securities and Futures Ordinance.
The SFC introduced on Friday that the previous
Fulbright Securities government has been remanded in custody whereas he awaits
to be sentenced on October twenty seventh.
Kwong Shing pleaded responsible to all 25
costs introduced in opposition to him by the SFC, the Hong Kong securities regulator introduced.
In keeping with SFC, Kwong Shing in the course of the
listening to admitted that between 2 August 2013 and 16 December 2013 he used two of his
consumer’s funds and securities with out approval.
The regulator stated the manager confessed to fraudulently
effecting transactions in eight shares with the 2 accounts, shopping for shares at
excessive costs with one of many consumer’s fund and promoting them at low costs to his good friend’s (and consumer’s) accounts.
“These collection of transactions resulted in
a buying and selling revenue of $172,890 to his good friend and a lack of $48,321 to his
consumer,” the SFC stated.
SFC’s Life Ban
In 2017, the SFC fined Kwong Shing
$542,071 and banned him for all times from coming again to the nation’s buying and selling trade.
The monetary markets regulator had discovered
that between January 2013 and 2014, he executed 772 unauthorized transactions in
the account of his friend-cum-client at Fulbright Securities.
On prime of that, the watchdog stated he fabricated a phone order recording to mislead Fulbright Securities into pondering the
order was positioned by the good friend.
Moreover, Kwong Shing impersonated
one other friend-cum-client by means of the phone and positioned orders on their account at
one other Enhanced Securities Restricted.
Consequently, SFC added, the manager
secured revenue for the second friend-cum-client whereas the primary misplaced $2.6
million because of unauthorized transactions on his account.
In the meantime, earlier this 12 months, the SFC discovered a number of compliance lapses in a number of on-line brokerages working in Hong Kong.
The regulator reviewed 50 licensed companies providing on-line brokerage, distribution and advisory providers within the nation.
Moreover, the SFC discovered that the brokers opened 96% of its accounts previously 12 months by means of non-face-to-face onboarding processes.
