SFC Suspends the Registrations of Two Dealer's Representatives
15 Nov 1999
The Securities and Futures Commission (SFC) announced today that it had suspended the dealer’s representative registrations of Mr Chow King Yu, Kenneth (Chow) for 3 months and Mr Tsoi Wai Keung (Tsoi) for 1 month under the Securities Ordinance effective from 13 November 1999.
The Commission’s inquiry revealed that Chow and Tsoi, whilst employed with OSK Asia Securities Limited (OSK), had during the later part of 1996:
- used nominee accounts in OSK to conduct their own trading without the knowledge and consent of OSK;
- obtained commission payments from OSK for trades generated from the nominee accounts to which, if they traded through the accounts in their own names, they were not entitled; and
- failed to properly monitor their own trading to ensure that they did not short sell.
In addition, Chow had concealed error trades from his employer and provided misleading information to SFC investigators which was designed to frustrate the SFC’s investigation.
As a result of the above findings, the SFC concluded that their conduct fall below the standards expected of a registered person and that a period of suspension in each case was appropriate.
Page last updated 15 Nov 1999