Ex-securities brokers charged by ICAC guilty of bribing computer company staff over trading programme service
2022-8-29
Two former brokers of a securities firm, charged by the ICAC, were today (August 29) convicted at the District Court of offering bribes of about $70,000 and gifts worth over $12,500 to staff of a computer company for arranging the provision of services to the duo’s clients by a computer trading programme.
Lam Ching-chiu, 40, and Wong Siu-fung, formerly known as Wong Sze-lap, 36, both former securities brokers of Glory Sky Global Markets Limited, were respectively found guilty of one count and two counts of offering an advantage to an agent, contrary to Section 9(2)(a) of the Prevention of Bribery Ordinance.
Deputy District Judge Mr Terence Wai adjourned the case to September 8 for mitigation and sentence. The duo were remanded in custody of the Correctional Services Department.
The court heard that at the material time, Hong Kong Financial Engineering Company Limited (HK Financial Engineering) provided securities account management service by way of a computer programme which would automatically place orders for buying or selling futures in order to generate profits within a short period of time. HK Financial Engineering would charge their clients service fees out of the profit generated from the computer programme.
At that time, Wong was a subordinate of Lam. Between late 2014 and early 2015, Wong promoted the above computer programme of HK Financial Engineering to two clients of himself and Lam. The two clients subsequently used the relevant programme.
In December 2014, the then chief executive officer of HK Financial Engineering asked the two defendants to pay a rebate per transaction to its staff who handled the computer programme for the duo’s clients. The duo agreed to pay the relevant rebates in the hope that staff of HK Financial Engineering would continue to provide services to their clients.
The court heard that Lam subsequently paid about $60,000 to $70,000 to the above chief executive officer of HK Financial Engineering. In addition, Wong also offered cosmetic products worth totalling $12,500 and a mobile phone to the chief executive officer upon the latter’s solicitation.
HK Financial Engineering did not allow its staff to accept advantages from the defendants in relation to its business and affairs.
The ICAC investigation arose from a corruption complaint. HK Financial Engineering had rendered full assistance to the ICAC during its investigation into the case.
The prosecution was today represented by prosecuting counsel Eddie Sean, assisted by ICAC officer Swing Chan.
Lam Ching-chiu, 40, and Wong Siu-fung, formerly known as Wong Sze-lap, 36, both former securities brokers of Glory Sky Global Markets Limited, were respectively found guilty of one count and two counts of offering an advantage to an agent, contrary to Section 9(2)(a) of the Prevention of Bribery Ordinance.
Deputy District Judge Mr Terence Wai adjourned the case to September 8 for mitigation and sentence. The duo were remanded in custody of the Correctional Services Department.
The court heard that at the material time, Hong Kong Financial Engineering Company Limited (HK Financial Engineering) provided securities account management service by way of a computer programme which would automatically place orders for buying or selling futures in order to generate profits within a short period of time. HK Financial Engineering would charge their clients service fees out of the profit generated from the computer programme.
At that time, Wong was a subordinate of Lam. Between late 2014 and early 2015, Wong promoted the above computer programme of HK Financial Engineering to two clients of himself and Lam. The two clients subsequently used the relevant programme.
In December 2014, the then chief executive officer of HK Financial Engineering asked the two defendants to pay a rebate per transaction to its staff who handled the computer programme for the duo’s clients. The duo agreed to pay the relevant rebates in the hope that staff of HK Financial Engineering would continue to provide services to their clients.
The court heard that Lam subsequently paid about $60,000 to $70,000 to the above chief executive officer of HK Financial Engineering. In addition, Wong also offered cosmetic products worth totalling $12,500 and a mobile phone to the chief executive officer upon the latter’s solicitation.
HK Financial Engineering did not allow its staff to accept advantages from the defendants in relation to its business and affairs.
The ICAC investigation arose from a corruption complaint. HK Financial Engineering had rendered full assistance to the ICAC during its investigation into the case.
The prosecution was today represented by prosecuting counsel Eddie Sean, assisted by ICAC officer Swing Chan.