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The Eastern Magistracy today convicted Mr Ting Kwong Yau of advising on futures contracts and issuing related advertisements on internet without a licence issued by the Securities and Futures Commission (SFC) (Notes 1 & 2).
Ting, who pleaded guilty today, was fined a total of $11,500 and was ordered to pay the SFC’s investigation costs.
The Court heard that between March and August 2011, Ting, in the name of “Aladdin”, placed advertisements on a website in which he held himself out as being prepared to advise on futures contracts and between May and August 2011, provided real-time “signals” to subscribers on when to buy, sell or hold Hang Seng Index futures.
Aladdin closed down his service straight after his unlicensed activities were detected by the SFC.
The SFC reminds investors to check the SFC’s Public Register of Licensed Persons and Registered Institution at www.sfc.hk to ensure that people who provide advice on regulated activities are properly licensed.
Notes:
- Under section 114 of the Securities and Futures Ordinance (SFO), it is an offence to carry on a business in regulated activities without a licence.
- Under section 109 of the SFO, and subject to specified exemptions, it is an offence to issue advertisements relating to carrying on of regulated activities without a licence.
