The Securities and Futures Commission (SFC) has suspended Ms Choi Sau Wai, a former licensed representative of Glory Sun Securities Limited (GSSL), for seven months from 23 January 2026 to 22 August 2026 (Note 1).
As part of an investigation into a suspected ramp-and-dump scheme, the SFC found that, between October 2019 and January 2022, Choi knowingly allowed and facilitated an account executive of another brokerage firm (AE) to operate and carry out personal trades in a client’s securities account at GSSL without obtaining the client’s written authorisation, nor did she obtain a written consent from the AE’s employer, in breach of GSSL’s internal policies and the Code of Conduct (Notes 2 and 3).
During the relevant period, the AE, a relative of Choi’s client, was allowed to conduct personal trading in the client’s account at GSSL. The AE conducted approximately 1,300 securities transactions with an aggregate value of $670 million in the client’s account without disclosing them to his employer.
In doing so, Choi’s conduct exposed the client to potential losses from the personal trading conducted by the AE and GSSL to potential liability in case the client disputes the trades in her account. Choi also prevented GSSL from discharging its obligations under the Code of Conduct (Note 4).
In determining the sanction against Choi, the SFC has taken into account all relevant circumstances, including her breaches enabled the AE to circumvent his employer’s internal controls, her cooperation in resolving the SFC’s concerns and her otherwise clean disciplinary record.
Notes:
- Choi is licensed under the Securities and Futures Ordinance to carry on Type 1 (dealing in securities) and Type 2 (dealing in futures contracts) regulated activities. She was accredited to GSSL (formerly known as China Goldjoy Securities Limited) as a licensed representative for Type 1 regulated activity from 14 January 2019 to 6 June 2023 and Type 2 regulated activity from 14 January 2019 to 27 September 2022. Since 19 September 2023, Choi has been accredited to SinoPac Securities (Asia) Limited as a licensed representative for Type 1 and Type 2 regulated activities.
- The SFC has suspended the AE, Wong Chi Fai, for 27 months. Please refer to the SFC’s press release dated 26 January 2026.
- Code of Conduct for Persons Licensed by or Registered with the SFC.
- Please refer to the Statement of Disciplinary Action for the relevant regulatory requirements.
A copy of the Statement of Disciplinary Action is available on the SFC website
