The Securities and Futures Commission (SFC) has permanently banned Mr. Ng Ka Shun, a responsible officer of Agg. Asset Management Limited, and fined him $1.7 million for financial misconduct and fund mismanagement. Ng engaged in “window-dressing” Agg’s financial resources to falsely meet licensing requirements and misled the SFC by submitting false financial returns from 2017 to 2020. He also mismanaged two funds, exposing investors to conflicts of interest and risks, including misusing investors’ funds for personal benefit and inflating a fund’s net asset value. The SFC deemed Ng’s actions dishonest and in blatant disregard of regulatory standards, resulting in substantial investor losses and damaging market integrity. The ban aims to protect the investing public and uphold confidence in Hong Kong’s financial markets.
Resources: https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=24PR220