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The Securities and Futures Commission (SFC) has banned Wong Chun, a former licensed representative, from re-entering the industry for eight years following his earlier conviction and sentencing for false trading in the shares of Sino-Tech International Holdings Limited (Sino-Tech) (Notes 1 & 2).
Between December 2010 and January 2011, Wong created a false or misleading appearance of active trading in shares of Sino-Tech, using matched trades and some wash trades between his own account and the accounts of two other investors he was able to control to grossly inflate trading volume by more than 400%. As a result, the securities accounts controlled by Wong were able to off-load more than 200 million shares, making a gross profit of more than $2 million that he would otherwise not be able to do so.
Notes:
- Wong was licensed under the Securities and Futures Ordinance (SFO) to carry on business in Type 1 (dealing in securities), Type 2 (dealing in futures contracts) and Type 4 (advising on securities) regulated activities. Wong was accredited to Ping An of China Securities (Hong Kong) Company Limited (Ping An) as a dealer from September 2009 to August 2011.
- Please see the SFC’s press releases dated 27 May 2015 and 19 June 2015.
