Six charged with offering illegal commissions over trading in securities
2014-4-25
Six clients of a securities firm have been charged by the ICAC today (Friday) with offering a total of over $30,000 in illegal commissions to a then licensed representative accredited to the firm in relation to trading in securities.
The defendants are Leung Kin-suen, 64, retired person; Tsang Chak-kuen, 65, businessman; Chan Fung-ping, 65, Cheung Sau-har, 58, Wong King-lin, 57, and Peggy Lau Oi-ping, 56, all housewives.
Leung alone faces two counts of offering an advantage to an agent, contrary to Section 9(2)(a) of the Prevention of Bribery Ordinance, while five other defendants are each laid with a similar offence.
The defendants will appear in the Tuen Mun Magistracy at 9:30 am next Tuesday (April 29) for plea in six separate cases.
The cases arose from a corruption complaint referred by the Securities and Futures Commission (SFC).
At the material time, the six defendants were clients of Phillip Securities (Hong Kong) Limited (PSL), with their investment accounts handled by a licensed representative accredited to PSL.
In the first case, Leung faces two charges, which allege that he offered illegal commissions of $3,367 and $1,250 to the licensed representative of PSL on April 15 and July 4, 2011 respectively as rewards for advising and handling the transactions made un der the investment account held by Leung with PSL.
In five other cases, Tsang, Chan, Cheung, Wong and Lau each face a similar offence. The charges allege that between June 11 and July 17, 2011, they offered illegal commissions ranging from $2,000 to $8,300, amounting to $26,200 in total, to the licensed representative of PSL for the same purpose.
SFC and PSL have rendered full assistance to the ICAC during its investigation.
The defendants have been released on ICAC bail, pending their court appearance on Tuesday.
The defendants are Leung Kin-suen, 64, retired person; Tsang Chak-kuen, 65, businessman; Chan Fung-ping, 65, Cheung Sau-har, 58, Wong King-lin, 57, and Peggy Lau Oi-ping, 56, all housewives.
Leung alone faces two counts of offering an advantage to an agent, contrary to Section 9(2)(a) of the Prevention of Bribery Ordinance, while five other defendants are each laid with a similar offence.
The defendants will appear in the Tuen Mun Magistracy at 9:30 am next Tuesday (April 29) for plea in six separate cases.
The cases arose from a corruption complaint referred by the Securities and Futures Commission (SFC).
At the material time, the six defendants were clients of Phillip Securities (Hong Kong) Limited (PSL), with their investment accounts handled by a licensed representative accredited to PSL.
In the first case, Leung faces two charges, which allege that he offered illegal commissions of $3,367 and $1,250 to the licensed representative of PSL on April 15 and July 4, 2011 respectively as rewards for advising and handling the transactions made un der the investment account held by Leung with PSL.
In five other cases, Tsang, Chan, Cheung, Wong and Lau each face a similar offence. The charges allege that between June 11 and July 17, 2011, they offered illegal commissions ranging from $2,000 to $8,300, amounting to $26,200 in total, to the licensed representative of PSL for the same purpose.
SFC and PSL have rendered full assistance to the ICAC during its investigation.
The defendants have been released on ICAC bail, pending their court appearance on Tuesday.