HK regulator bans two for misconduct
Hong Kong’s Securities and Futures Commission (SFC) has taken action against two men for misconduct in relation to the trading of shares in Metallurgical Corporation of China (MCC).
The SFC announced today that it has revoked the licence of Paco Ng Kar Lun, and prohibited Ng and Adrian Fong Wai Lap from re-entering the industry, for ten and three years respectively.
The decision follows an SFC investigation into allegations that Ng and Fong were involved in trading overpriced MCC shares in the grey market, prior to the company’s listing on the Hong Kong stock exchange in September 2009.
Although the scheme ultimately fell through, the regulator said, the conduct of the men was “inconsistent with the standards of integrity and honesty expected of licensees under the Code of Conduct”.
Ng, who was licensed to deal in securities and futures contracts, was accredited to Phillip Securities (Hong Kong) when the trading took place. Fong was accredited to ICBC International Securities.
The Independent Commission Against Corruption – an organisation which was founded in 1974 and which seeks to tackle corruption through law enforcement, prevention and education – has charged Ng and Fong jointly with conspiracy to defraud.