The Securities and Futures Commission (SFC) has banned Ms Fonia Kwok Lai Kwan from re-entering the industry for 12 months from 25 August 2018 to 24 August 2019 following her conviction for unlicensed asset management (Notes 1 & 2).
The Eastern Magistrates’ Court found that between 2009 and 2015, Kwok, who was the sole proprietor of Finamics Capital Management (Finamics), carried on a business in asset management in the name of Finamics, an entity without an SFC licence. The clients who Kwok solicited for Finamics agreed to pay Finamics a monthly commission equivalent to 40 percent to 50 percent of the net profit generated from its management of their investment portfolios (Note 3).
In deciding the sanction against Kwok, the SFC considers that her conviction casts serious doubts on her reputation, character and reliability and she is not fit and proper to be a licensed person.
Notes:
- Asset management is a type of regulated activity under the Securities and Futures Ordinance (SFO). Under the SFO, it is an offence to carry on a business in a regulated activity without an SFC licence.
- Kwok, who was licensed to carry out Type 4 (advising on securities) regulated activity under the SFO, was accredited to Altruist Financial Group Limited from 12 September 2006 to 16 February 2015. Kwok is currently not licensed by the SFC.
- Please see the SFC press release dated 24 August 2017.
A copy of the Statement of Disciplinary Action is available on the SFC website
