Hong Kong SFC fines individual $8,000 for unlicensed dealing


sec fines

The Eastern Magistrates’ Court today convicted Mr Chan Chi Kit of unlicensed dealing in securities in a prosecution brought by the Hong Kong Securities and Futures Commission (SFC), the regulator announced earlier today.

Chan pleaded guilty and was fined $8,000 and ordered to pay the SFC’s investigation costs.

The Court heard that Chan carried on a business and also held himself out as carrying on a business in dealing in securities in the name of Prime Ocean Holdings Limited (Prime Ocean) during or around the period between 19 April 2013 and 10 October 2013 by referring clients to TYG Capital Management to subscribe for TYG Capital Fund in return for commission when neither Prime Ocean nor himself were licensed by the SFC.

The SFC reminds investors to check the SFC’s Public Register of Licensed Persons and Registered Institutions on the SFC’s website to ensure the parties that they deal with are properly licensed.

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Hong Kong SFC fines individual $8,000 for unlicensed dealing

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