Eminent Investments and its director Yang Kyoung Sik were fined $5,000 and $3,000 respectively, after both pleaded guilty to the offence.
The SFC alleged that Eminent and Yang were not licensed by the SFC “in any capacity yet in or about October 2009”, when Yang established a website stating Eminent provided, among other things, “investment banking and investment advisory and capital raising” services to emerging growth to multinational companies.
The regulator said by doing so, Eminent suggested it could conduct regulated activities, namely advising on securities and advising on corporate finance. Yang was convicted of a similar offence.
At the time of detection, the SFC said it did not believe Eminent had attracted any customers or clients and said its “swift action has nipped in the bud any damage or harm to the investing public”.
The case follows the conviction of Lau Kam, who was fined $5,000 earlier this month for a similar offence and ordered to pay the SFC’s investigation costs.
