SFC Takes Action Against Dealer's Representative Wong Kin Ming

The Securities and Futures Commission (SFC) announced today that it had suspended the registration of Mr Wong Kin Ming (Wong) as a dealer's representative under the Commodities Trading Ordinance (CTO) for 8 months for misconduct, effective from 22 August 1998.

The SFC's action stemmed from an investigation covering the period March 1996 to December 1997 in which it was found that, while Wong was employed as a dealer's representative of Peregrine Futures Hong Kong Limited (PFHKL) (in liquidation):

• he used another person's account as a nominee account at PFHKL to conduct his own trading so as to conceal his own trading from PFHKL;
• a number of the trades conducted by him through the nominee account were suspicious and conducted in circumstances that were advantageous to his own interest; and
• he provided false statements to the SFC and induced the account holder of the nominee account to provide false statements to the SFC with the aim to frustrate the SFC's investigation.

As a result of the above findings, the SFC concluded that Wong was guilty of misconduct and that his fitness and properness as a dealer's representative under the CTO had been impugned.

Wong is also a registered dealer's representative under the Securities Ordinance (SO). As a result of the findings by the SFC of Wong's conduct as a dealer's representative under the CTO, Mr Wong's registration as a dealer's representative under the SO had also been suspended for 8 months effective from 22 August 1998, as his fitness and properness had been impugned.

For further information, please contact Bill Weeks at 2840-9287 or Chan Chi-keung at 2842-7624.