The Securities and Futures Commission (SFC) has banned former Convoy Asset Management Limited representative, Mr. Peter Law Chi Kin, from the industry for 10 years for participating in a stock manipulation scheme. Law was fined $535,500, which was equivalent to the profit he made from the scheme. Law was involved in the scheme from June to July 2016 and solicited ten clients to buy shares of a company listed on the Growth Enterprise Market of The Stock Exchange of Hong Kong Limited. His clients suffered significant losses because they were not allowed to sell their shares before the share price collapsed. Law coordinated with another colleague, Mr. Wong Kwun Shing, to arrange transactions for his clients to buy shares from the manipulators. Law received $535,500 from the manipulators but did not disclose this to his clients. He also gave reckless advice and did not explain to his clients the risks involved in tapping the overdraft facilities offered by a brokerage firm. The SFC considers Law unfit to be a licensed person due to his conduct. The SFC has taken into account several factors in determining the sanction against Law, including his misconduct, admission of involvement, willingness to accept disciplinary sanctions, remorse, and his clean disciplinary record.
resource: https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=23PR40