Former Executive of Fulbright Securities Fined $542K and Banned for Life by SFC
The Securities and Futures Commission (SFC) has banned Danny Fung Kwong Shing, a former account executive of Fulbright Securities, from re-entering the industry for life and fined $542,071.
” Former Executive of Fulbright Securities fined $542k and banned for life “
Between January 2013 and May 2014, Danny had conducted 772 unauthorized transactions in the account of his client (his friend). He had also fabricated telephone order recordings for his of this two of his clients’ account were placed by his clients.
In at least 53 of the unauthorised transactions, the premeditated scheme was to secure profits for one client, in expense of another client by selling shares from one to another higher than the purchase price. The client suffered a loss of around $2.6 million as a result of the scheme.
Source: Official Press Release