The Eastern Magistracy today convicted Mr Lee Kwok Wah of making false or misleading representations in his two licence applications to the Securities and Futures Commission (SFC).
Lee was fined $15,000 and also ordered to pay the SFC’s investigation costs.
The SFC found that, in April and September 2014, Lee concealed from the SFC his previous criminal convictions in two licence applications (Note 1).
The SFC expects applicants to make full and accurate disclosure of all information required to be submitted with a licence application. Failure of applicants to do so might affect their fitness and properness to be licensed.
Note:
- Pursuant to section 383 of the Securities and Futures Ordinance, applicants are required to disclose all prior criminal convictions, disciplinary sanctions in relation to any trade, business or profession and whether they have been investigated by a local or foreign regulatory or criminal investigatory body.