The Eastern Magistrates’ Court today sentenced Mr Wong Pok Wang to 180 hours of community service and fined him $16,320 for manipulating the indicative equilibrium price of derivative warrants and callable bull/bear contracts (CBBCs) during the Pre-opening Sessions.
Wong was found guilty on 22 July 2014 of 13 counts of false trading in eight derivative warrants and CBBCs between 15 October 2010 and 14 February 2011 following an investigation by the Securities and Futures Commission (SFC) (Note 1).
The fine imposed by the Magistrate is equivalent to the profit made by Wong from selling the derivative warrants and CBBCs at prices artificially pushed higher by his manipulative orders.
Note:
- Please see the SFC’s press release dated 22 July 2014.