According to Hong Kong’s Securities and Futures Commission (SFC), Lo Kam Chung gave advice in the name of “Peter Sun”, via a private discussion group he had set up in Facebook, between April and November 2010.
The SFC identified three subscribers who paid fees of HK$200 to HK$300 per month to “Peter Sun”, but who did not follow his advice.
Owing to its action, the regulator said it was able to stop the scheme before any investors suffered losses.
Lo, who was convicted under section 114 of the Securities and Futures Ordinance (SFO), was ordered to pay the SFC’s investigation costs, in addition to the fine.
Leung Bing Yiu
In a separate case, the SFC announced that it has suspended the licence of Leung Bing Yiu for four months, for his failure to comply with the SFO.
Leung conducted securities advisory business without a licence, and entered into an arrangement with an unlicensed person who placed advertisements in a newspaper promoting his services.
The adverts stated that subscribers who paid monthly fees of $299 would receive daily notes via short messages services (SMS) containing advice from Leung on securities and derivatives.
As International Adviser reported, Leung and his partner Law Look Tend pleaded guilty to unlicensed advising earlier this year, leading to a fine of HK$47,000.
Regarding today’s licence suspension, the regulator said: “The SFC considers that Leung is not a fit and proper person to remain licensed as a result of his conviction.
“In deciding on the sanction, the SFC has taken into account of Leung’s cooperation in the disciplinary proceedings.”
