Seven charged for allegedly defrauding SFC over applications for dealer's representative licences
2003-11-20
Seven persons were today (Thursday) charged for allegedly defrauding the Securities and Futures Commission (SFC) by making false representations in their applications for dealer's representative (DR) licences.
The defendants are Leung Ting-wai, 45, general manager of Sincere Finance Holding Limited (Sincere Finance); Fung To, 34, and Wong Sung-bun, 33, respectively former responsible director and foreign exchange dealer of Hong Kong Forex Investment Limited (HK Forex); Tang Kai-ming, 31, and Wong Kam-kau, 36, both account executives of HK Forex; Fung Tak-shing, 60, and Fong Chun-lung, 47, both businessmen.
They will appear in Eastern Magistracy at 9:30 am tomorrow (Friday) on a total of five counts of conspiracy to defraud SFC.
The case arose from a corruption complaint. Subsequent ICAC enquiries uncovered the alleged fraud offences.
HK Forex, engaged in trading leveraged foreign exchange, is a subsidiary of Sincere Finance.
Leung Ting-wai, Fung To and Fung Tak-shing face one joint charge which alleges them of conspiring with another person to defraud SFC in the application of Fung Tak-shing for registration as a DR.
They are alleged to have falsely represented that Fung Tak-shing had been employed by Tse's Securities Limited (Tse's Securities) (now known as Sincere Securities Limited) (Sincere Securities) as a settlement clerk since May 1997, thereby causing SFC to i ssue a certificate of registration as a DR to Fung Tak-shing under the Securities Ordinance.
Leung Ting-wai, Wong Sung-bun, Fong Chun-lung, Tang Kai-ming and Wong Kam-kau face a total of four similar conspiracy charges.
The charges allege that Wong Sung-bun, Fong Chun-lung, Tang Kai-ming and Wong Kam-kau had each conspired with Leung to defraud SFC in their applications for registration as DRs, falsely claiming that they had been employed by Tse's Securities or Sincere S ecurities, also a subsidiary of Sincere Finance.
ICAC inquiries alleged that Fung Tak-shing, Wong Sung-bun, Fong Chun-lung, Tang Kai-ming and Wong Kam-kau had never been employed by Tse's Securities or Sincere Securities.
The alleged offences took place between September 1999 and March 2000.
The defendants have been released on ICAC bail, pending their court appearances tomorrow.
The defendants are Leung Ting-wai, 45, general manager of Sincere Finance Holding Limited (Sincere Finance); Fung To, 34, and Wong Sung-bun, 33, respectively former responsible director and foreign exchange dealer of Hong Kong Forex Investment Limited (HK Forex); Tang Kai-ming, 31, and Wong Kam-kau, 36, both account executives of HK Forex; Fung Tak-shing, 60, and Fong Chun-lung, 47, both businessmen.
They will appear in Eastern Magistracy at 9:30 am tomorrow (Friday) on a total of five counts of conspiracy to defraud SFC.
The case arose from a corruption complaint. Subsequent ICAC enquiries uncovered the alleged fraud offences.
HK Forex, engaged in trading leveraged foreign exchange, is a subsidiary of Sincere Finance.
Leung Ting-wai, Fung To and Fung Tak-shing face one joint charge which alleges them of conspiring with another person to defraud SFC in the application of Fung Tak-shing for registration as a DR.
They are alleged to have falsely represented that Fung Tak-shing had been employed by Tse's Securities Limited (Tse's Securities) (now known as Sincere Securities Limited) (Sincere Securities) as a settlement clerk since May 1997, thereby causing SFC to i ssue a certificate of registration as a DR to Fung Tak-shing under the Securities Ordinance.
Leung Ting-wai, Wong Sung-bun, Fong Chun-lung, Tang Kai-ming and Wong Kam-kau face a total of four similar conspiracy charges.
The charges allege that Wong Sung-bun, Fong Chun-lung, Tang Kai-ming and Wong Kam-kau had each conspired with Leung to defraud SFC in their applications for registration as DRs, falsely claiming that they had been employed by Tse's Securities or Sincere S ecurities, also a subsidiary of Sincere Finance.
ICAC inquiries alleged that Fung Tak-shing, Wong Sung-bun, Fong Chun-lung, Tang Kai-ming and Wong Kam-kau had never been employed by Tse's Securities or Sincere Securities.
The alleged offences took place between September 1999 and March 2000.
The defendants have been released on ICAC bail, pending their court appearances tomorrow.