Former GRG Investments CEO convicted of unlicensed dealing

The Eastern Magistrates’ Court today convicted Mr Chiang Ching Fung, former chief executive officer of Gold Root Global Investments Limited (GRG Investments), of unlicensed dealing in futures contracts in a prosecution by the Securities and Futures Commission (SFC).

This came after the conviction of GRG Investments in October last year of dealing in futures contracts through its website between March and April 2013 without a SFC licence.

Chiang, who managed the operations of GRG Investments, pleaded guilty to the charge of aiding, abetting, counselling, procuring or inducing or consenting to or conniving in the commission of GRG Investments’ offence of unlicensed dealing.

The court also acquitted Mr Jacky Chan Cheuk Ki, former dealing director of GRG Investments, of the same charge.

The court fined Chiang $12,000 and made a 12-month bind over order on Chan. They were ordered to pay the SFC’s investigation costs.

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