Court convicts and fines former officer of Wonderful Wealth Group
The Hong Kong Securities and Futures Commission (SFC) has announced in a press release that Simon Chan Ying Ming, former officer of Wonderful Wealth Group Limited (WWGL), has been convicted of holding out as carrying on a business of dealing in futures contracts and asset management without a licence in a criminal prosecution brought by the SFC.
Chan, who pleaded guilty to all four charges, was fined HKD20,000 and ordered to pay the SFC’s investigation costs.
The SFC alleged that between July and September 2012, Chan had represented to two investors that WWGL operated a business of trading in futures contracts and options, and solicited them to invest in a WWGL-operated investment scheme which guaranteed a monthly rate of return of 5% in three months’ time.
Chan told them WWGL would use their funds to trade futures contracts and options in WWGL’s trading accounts. The two investors invested a total sum of HKD850,000 in the investment scheme and they suffered losses of around HKD710,000.
The SFC also alleged that Chan had aided, abetted, counselled, procured, induced WWGL to hold itself out to the investors as carrying on a business of dealing in futures contracts and asset management or that the offence by WWGL was committed with the consent, connivance of or was attributable to recklessness of Chan.
The SFC reminds investors to check the SFC’s Public Register of Licensed Persons and Registered Institutions on the SFC website before investing to ensure that the people who provide dealing services in futures contracts and asset management are properly licensed.