Newsletter – July 2020

Content
  1. SFC commences false trading prosecution against retail investor
  2. SFC bans Lai Wing Fat for 20 months
  3. Court of Final Appeal dismisses leave application of Andrew Left
  4. Court convicts and fines former officer of Wonderful Wealth Group Limited for unlicensed activities
  5. Court convicts and fines Brilliance Capital Management Limited and its director for unlicensed activities

1. SFC commences false trading prosecution against retail investor

On 2 July 2020, SFC commenced criminal proceedings at the Eastern Magistrates’ Court against Mr. Ke Wen Hua for alleged false trading in the shares of Carry Wealth Holdings Limited on 4 September 2012.

For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR62

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2. SFC bans Lai Wing Fat for 20 months

On 7 July 2020, SFC has banned Mr. Lai Wing Fat, a former licensed representative of Black Marble Securities Limited, from re-entering the industry for 20 months from 5 July 2020 to 4 March 2022 for breaches of the SFC’s Code of Conduct.

For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR65

For the Statement of Disciplinary Action, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/openAppendix?refNo=20PR65&appendix=0

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3. Court of Final Appeal dismisses leave application of Andrew Left

On 8 July 2020, The Appeal Committee of the Court of Final Appeal dismissed the application of Mr. Andrew Left of Citron Research for leave to further appeal to the Court of Final Appeal against the February 2019 judgment of the Court of Appeal that ruled against him.

For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR66

For the reasons for determination, please refer to:
https://legalref.judiciary.hk/lrs/common/search/search_result_detail_frame.jsp?DIS=129369&QS=%24%28Andrew%2CLeft%29&TP=JU

For the press release dated on 13 January 2017, please refer to: 
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=17PR5

For the press release dated on 24 May 2019, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=19PR43

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4. Court convicts and fines former officer of Wonderful Wealth Group Limited for unlicensed activities

On 9 July 2020, The Eastern Magistrates’ Court convicted Mr. Simon Chan Ying Ming, former officer of Wonderful Wealth Group Limited, of holding out as carrying on a business of dealing in futures contracts and asset management without a licence in a criminal prosecution brought by the SFC.

For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR67

For the press release dated on 4 June 2020, please refer to: 
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=20PR50

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5. Court convicts and fines Brilliance Capital Management Limited and its director for unlicensed activities

On 24 July 2020, The Eastern Magistrates’ Court convicted Brilliance Capital Management Limited and its director Mr. Law Sai Hung in a prosecution brought by the SFC for holding out as carrying on a business in advising on corporate finance without an SFC licence.

For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR69

For the press release dated on 18 July 2019, please refer to: 
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=19PR68

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The article is for general information purpose only and is not intended to constitute legal or other professional advice.

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