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Screenshot of a breaking news alert e-mail from Q2 2017
The Securities and Futures Commission (SFC) has banned Mr Ma Yu Lung, a former representative of Sun Hung Kai Investment Services Limited (SHKIS), from re-entering the industry for eight years from 26 January 2017 to 25 January 2025 for breach of the Code of Conduct.
The SFC’s investigation found that on numerous occasions between September 2009 and February 2010, Ma:
- accepted order instructions from unknown and unauthorized individuals to trade securities listed on the Stock Exchange of Hong Kong, and colluded with SHKIS’ account holders to pretend the order instructions originated from them when this was not the case;
- allowed execution of trades flowing from these order instructions in the securities trading accounts of others at SHKIS; and
- concealed the identities of those individuals who originally gave the relevant order instructions.
Ma’s conduct was dishonest and cast serious doubts on his fitness and properness to be a licensed person because as a SFC-licensed representative, he should be satisfied on reasonable grounds the identity of the person ultimately responsible for originating the instruction in relation to a transaction and should not effect a transaction unless the identity of the person originating the order is satisfied.
In deciding the sanction, the SFC took into account all relevant circumstances, including the seriousness of Ma’s misconduct and that a strong deterrent message to the industry is necessary.