Hong Kong SFC Bans Fulbright Securities Executive

Hong Kong SFC Bans Fulbright Securities Executive as a result of an SFC investigation into Mr. Danny Fund Kwong Shing's activities. What now for Mr. Fung?

24 November, AtoZForex The key financial regulator of the Hong Kong, the Securities and Futures Commission (SFC) has published an announcement on its website. Hong Kong supervisor has banned the former account executive of Fulbright Securities Limited, Mr. Danny Fund Kwong Shing from participating in the industry for life.

Hong Kong SFC Bans Fulbright Securities Executive

Aside from the lifetime ban, Mr. Danny Fund Kwong Shing has received a fine of $542,071 from the SFC. The SFC states that this disciplinary action has emerged as a result of an SFC investigation. The latter has found out that Mr. Fung in the period between January 2013 and May 2014, had:

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-conducted 772 unauthorized transactions in the account of his friend-cum-client, X, at Fulbright Securities;

-fabricated telephone order recordings to mislead Fulbright Securities into believing that the orders for the transactions conducted in X’s account were placed by X; and

-impersonated another friend-cum-client, Y, and placed orders in Y’s account at Enhanced Securities Limited by telephone.

Mr. Fung's misconduct

Furthermore, the SFC investigation has revealed that at least 53 of the unauthorized transaction were carried out by Fung under the planned scheme. The SFC explains:

“… scheme to secure profits for Y, with the result that Y made profits from these transactions at X’s expense by selling shares to X at prices higher than the purchase prices. “

The regulator further states that X has experienced a significant loss of approximately $2.6 million due to the unauthorized transactions. The Hong Kong regulator also noted that it considers that Fung’s conduct was seriously dishonest. The regulator highlighted that this person does not qualify to be licensed.

In fact, Mr. Fung has been licensed to carry out the dealing in securities under the Securities and Futures Ordinance. Moreover, he was accredited to Fulbright Securities in the periods from 1 September 2001 to the 23 February 2005 and from 30 July 2008 to 6 November 2014. As of now, Mr. Fund does not hold a license from the SFC.

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