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The Court of First Instance has granted interim orders today against Maxim Trader, following legal proceedings brought by the Securities and Futures Commission (SFC) against Maxim Capital Limited (Maxim Capital) and Maxim Trader under section 213 of the Securities and Futures Ordinance (Note 1).
Interim orders were granted to restrain Maxim Trader from holding out as carrying on regulated activities whilst unlicensed and to suspend its websites that have been promoting the carrying out of regulated activities under the brand name “Maxim Trader”.
The case arose from the SFC’s investigation which found that Maxim Capital and Maxim Trader have solicited over 130 investors to invest more than $111 million in a number of investment schemes since 2013 that claimed to pay monthly returns from 3% to 8%.
Today’s interim orders will remain in force until the trial of the proceedings, the date of which has yet to be fixed.
The SFC’s investigation is continuing.
Note:
- The SFC obtained an interim freezing injunction and various interim orders against Maxim Capital on 6 November 2015 to freeze its monies in Hong Kong totally approximately $23.5 million, to restrain Maxim Capital from holding out as carrying on regulated activities whilst unlicensed and to suspend its websites that have been promoting the carrying out of regulated activities under the brand name “Maxim Trader”. Maxim Trader is not a corporate entity capable of being sued and hence Maxim Trader has been named as the 2nd Defendant by description as “an unknown person or persons purporting to carry on a securities dealing or asset management business known as MAXIM TRADER and using the websites www.maximtrader.com, www.maximtrader.biz, www.maximtaiwan.com and/or partner.maximtrader.com”. Please also see the SFC’s press release dated 10 November 2015.
