Court convicts Gold Root Global Investments Limited of unlicensed dealing

FMA suspends AxiTrader's derivatives licence

The Eastern Magistrates’ Court has convicted Gold Root Global Investments Limited (GRG Investments) of dealing in futures contracts through its website between March and April 2013 without a licence from the Securities and Futures Commission (SFC).

GRG Investments pleaded guilty and was fined $10,000 and ordered to pay the SFC’s investigation costs.

Dealing in futures contracts for others as a business needs a SFC licence, but GRG Investments never applied to the SFC for a licence.

The SFC is also prosecuting Mr Jacky Chan Cheuk Ki and Mr Chiang Ching Fung, respectively, the former Dealing Director and Chief Executive Officer of GRG Investments, for aiding, abetting, counselling, procuring or inducing or consenting to or conniving in the commission of GRG Investments’ offence. They both pleaded not guilty.

The case of Chan and Chiang was adjourned to 8 December 2016 for a pre-trial review.

Read Also: