The Eastern Magistrates’ Court has found Mr. Cheung Wing Hung guilty of unlawfully acting as an unlicensed agent for securities dealing and has imposed a fine of $6,000 on him. Cheung had deceived three retail investors into investing in shares issued by First Asia Holdings Limited and/or First Asia Capital Limited, claiming that their investment would increase by 100% if the secondary listing in Hong Kong was successful, which was false. He was also ordered to pay the Securities and Futures Commission’s investigation costs. The Court has scheduled a pre-trial review on September 19, 2023, for the prosecution of Mr. Tse Tsun Wai, who has pleaded not guilty to similar charges of acting as an unlicensed agent in relation to dealing in securities for PF shares. The Securities and Futures Commission has reminded investors to verify the licensing of firms and individuals who provide dealing services in securities by checking their Public Register of Licensed Persons and Registered Institutions on their website before investing.
Resource: https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=23PR82