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A Hong Kong Court Has Found An Ex-Fulbright Securities Account Executive Guilty Of Fraud

WikiFX | 2022-10-17 15:12

Abstract:Account Executive of Fullbright found guilty of Fraud after series of investigation done by Hong Kong authorities

A Hong Kong Court Has Found An Ex-Fulbright Securities Account Executive Guilty Of Fraud (1).png

As a result of the fraud, a client lost $48,321.

Five years ago, Hong Kong's SFC slammed Kwong Shing with a lifetime industry ban.

The Eastern Magistrates' Court in Hong Kong found that Danny Fung Kwong Shing, who used to work as a Fulbright Securities account executive, was guilty of fraud.

This comes after the Hong Kong Securities and Futures Commission (SFC) imposed a lifetime industry ban on Kwong Shing five years ago.

Kwong Shing was found guilty of lying or cheating when he bought and sold securities, which is a violation of the country's Securities and Futures Ordinance.

The SFC said on Friday that the former Fulbright Securities executive would stay in jail until his sentencing on October 27.

Kwong Shing pleaded guilty to all 25 charges brought against him by the Hong Kong Securities and Futures Commission.

According to the SFC, during the hearing, Kwong Shing admitted to using two of his client's funds and securities without permission between August 2 and December 16, 2013.

The executive told the government watchdog that he used the two accounts to trade in eight stocks in a dishonest way. He purchased shares at a high price with money borrowed from one client and sold them at a low price to his friend's (and the client's) account.

The SFC stated that “these transactions resulted in a trading profit of $172,890 for his friend and a loss of $48,321 for his client.”

The Life Ban of SFC

The SFC fined Kwong Shing $542,071 and barred him from returning to the country's trading industry for life in 2017.

According to the financial markets regulator, between January 2013 and 2014, he executed 772 unauthorized transactions in the account of his friend-cum-client at Fulbright Securities, according to the financial markets regulator.

Also, the watchdog says that he made up a recording of a phone order so that Fulbright Securities would think the order was made by a friend.

Also, Kwong Shing posed as another friend-turned-client over the phone and put orders in for them at another Enhanced Securities Limited.

According to SFC, the executive profited for the second friend-cum-client while losing $2.6 million because his account was used without his permission.

This year, the SFC found that several online brokerages in Hong Kong were not following the rules.

The government agency looked at 50 licensed businesses in the country that offer brokerage, distribution, and advisory services online.

Also, the SFC found that 96% of brokers opened accounts without meeting the client face-to-face in the previous year.

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