HK SFC announces sanctions for former stock broker
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The Securities and Futures Commission (SFC) in Hong Kong announced Monday that it had banned a former licensed stock broker named Ricky Kwan Po Kit , from re-entering the industry for five years and fined him 228,000 HK dollars.
The punishment was handed down after an SFC investigation into the trades conducted by ICEA Securities Limited (ICEAS) in the shares of a listed company in 2004, when Kwan served as a responsible officer for the ICEAS.
The SFC found that Kwan operated a secret account in his brother-in-law's name at ICEAS whilst also acting as a proprietary trader for ICEAS without proper disclosure to ICEAS. He also bought shares for the secret account from ICEAS, generating a profit for himself.
The SFC said Kwan has not been licensed since 2005 and had clear disciplinary record before this breach of operating rules.
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