Hong Kong SFC Issues 27-Month Ban on ex-Representative of Fulbright Securities & Fulbright Futures and Open Securities Limited (OSL) Wong Chi Fai for Failure to Disclose Beneficial & Trading Activities by 1) Executing $85.9 Million (HKD 670 Million) in 1,300 Transactions via Relative Brokerage Account from 2019 to 2022 in Suspected Ramp-&-Dump Scheme & 2) Executing $359 Million (HKD 2.8 Million) in 10,000 Personal Transactions via Relative Brokerage Account at Open Securities Limited (OSL) While Employed at OSL from 2015 to 2018
27th January | Hong Kong
The Hong Kong Securities and Futures Commission (SFC) has issued a 27-month ban on ex-Representative of Fulbright Securities & Fulbright Futures and Open Securities Limited (OSL) Wong Chi Fai for failure to disclose beneficial & trading activities by 1) Executing $85.9 million (HKD 670 million) in 1,300 transactions via relative brokerage account from 2019 to 2022 in suspected ramp-&-dump scheme & 2) Executing $359 million (HKD 2.8 million) in 10,000 personal transactions via relative brokerage account at Open Securities Limited (OSL) while employed at OSL from 2015 to 2018. Hong Kong SFC (26/1/26): “The Securities and Futures Commission (SFC) has suspended the licence of Mr Wong Chi Fai, a former licensed representative of Fulbright Securities Limited and Fulbright Futures Limited (collectively Fulbright), for 27 months from 23 January 2026 to 22 April 2028 (Note 1). As part of an investigation into a suspected ramp-and-dump scheme, the SFC found that, between October 2019 and January 2022, unbeknownst to Fulbright, Wong conducted approximately 1,300 securities transactions with an aggregate value of $670 million via a securities account held in the name of his relative maintained at another brokerage firm. Wong not only failed to disclose to Fulbright his beneficial interest and personal trading activities in the undisclosed securities account but also falsely declared to Fulbright on multiple occasions that there were no external securities accounts in which he had any beneficial interest. The SFC also found that, between 1 January 2015 and 31 December 2018, Wong conducted approximately 10,000 personal trades with an aggregate value of $2.8 billion through a securities account held in the name of his relative at Open Securities Limited (OSL) when he was an employee of the broker without obtaining the required approval. In this connection, Wong had made a number of false declarations to conceal from OSL his financial interest in and control over the securities account between May 2011 and December 2018 (Note 2). Wong’s conduct circumvented the staff dealing policies of Fulbright and OSL and prevented them from monitoring his personal trading activities. The SFC considers Wong’s conduct willful and dishonest, thereby calling into question his fitness and properness to remain a licensed person. In determining the sanction against Wong, the SFC has taken into account all relevant circumstances, including: 1) his breaches lasted for nearly 10 years; 2) the significant number and amount of his personal trades were primarily attributable to his frequent day trading and short-term margin trading activities; 3) Wong cooperated with the SFC in resolving the SFC’s concerns; and 4) his otherwise clean disciplinary record.”
“ Hong Kong SFC Issues 27-Month Ban on ex-Representative of Fulbright Securities & Fulbright Futures and Open Securities Limited (OSL) Wong Chi Fai for Failure to Disclose Beneficial & Trading Activities by 1) Executing $85.9 Million (HKD 670 Million) in 1,300 Transactions via Relative Brokerage Account from 2019 to 2022 in Suspected Ramp-&-Dump Scheme & 2) Executing $359 Million (HKD 2.8 Million) in 10,000 Personal Transactions via Relative Brokerage Account at Open Securities Limited (OSL) While Employed at OSL from 2015 to 2028 “
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Notes:
- Wong was formerly accredited to Fulbright Securities Limited and Fulbright Futures Limited as a licensed representative for Type 1 (dealing in securities) and Type 2 (dealing in futures contracts) regulated activities respectively from 5 July 2019 to 23 January 2026.
- Wong was formerly accredited to OSL (formerly known as TC Concord Securities Limited and Taiwan Concord Capital Securities (Hong Kong) Limited) as a licensed representative for Type 1 (dealing in securities) regulated activity from 20 December 2005 to 31 December 2018 and Type 2 (dealing in futures contracts) regulated activity from 24 March 2011 to 31 December 2018.
A copy of the Statement of Disciplinary Action is available on the SFC website
Hong Kong SFC Issues 27-Month Ban on ex-Representative of Fulbright Securities & Fulbright Futures and Open Securities Limited (OSL) Wong Chi Fai for Failure to Disclose Beneficial & Trading Activities by 1) Executing $85.9 Million (HKD 670 Million) in 1,300 Transactions via Relative Brokerage Account from 2019 to 2022 in Suspected Ramp-&-Dump Scheme & 2) Executing $359 Million (HKD 2.8 Million) in 10,000 Personal Transactions via Relative Brokerage Account at Open Securities Limited (OSL) While Employed at OSL from 2015 to 2018
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