Newsletter – August 2019
- SFC bans Tu Bing for life
- SFC reprimands and fines Sincere Securities Limited HK$5 million for internal control failings
- SFC bans Samuel Lee Kwok Tung for eight months
- Court extends interim injunctions freezing assets of suspected manipulators of GEM stock
On 5 August 2019, the SFC banned Mr Tu Bing, a former associate director of UBS AG, Hong Kong Branch, from re-entering the industry for life following his conviction for bribery.
For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=19PR75
For the reasons for verdict, please refer to:
https://legalref.judiciary.hk/lrs/common/search/search_result_detail_frame.jsp?DIS=112048&QS=%2B&TP=RV (Traditional Chinese version only)
For the reasons for sentence, please refer to:
https://legalref.judiciary.hk/lrs/common/search/search_result_detail_frame.jsp?DIS=112344&QS=%2B&TP=RS (Traditional Chinese version only)
2. SFC reprimands and fines Sincere Securities Limited HK$5 million for internal control failings
On 15 August 2019, the SFC reprimanded and fined Sincere Securities Limited HK$5 million for a series of internal control failings and regulatory breaches following an investor’s complaint.
For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=19PR77
For the SFC’s press release dated 25 September 2017, please refer to:
For the Statement of Disciplinary Action, please refer to:
3. SFC bans Samuel Lee Kwok Tung for eight months
On 19 August 2019, the SFC announced their decision to ban Mr Samuel Lee Kwok Tung, a former account executive of DBS Vickers (Hong Kong) Limited, from re-entering the industry for eight months from 17 August 2019 to 16 April 2020.
For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=19PR79
For the copy of the Statement of Disciplinary Action, please refer to:
4. Court extends interim injunctions freezing assets of suspected manipulators of GEM stock
On 27 August 2019, The SFC has commenced proceedings under section 213 of the SFO against a group of local and overseas investors suspected of manipulating the shares of GEM-listed Ching Lee Holdings Limited through a large scale and highly organised manipulative scheme.
For more details, please refer to:
The article is for general information purpose only and is not intended to constitute legal or other professional advice.
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