Hong Kong SFC Starts Market Misconduct Proceeding Against Founder & CIO of Hedge Fund Tarascon Capital for False Trading with Mother on 2 HK Listed Companies to Create Active Trading Activities
18th August 2022 | Hong Kong
The Hong Kong Securities & Futures Commission (SFC) has commenced market misconduct proceeding against hedge fund Tarascon Capital Management founder & CIO Jonathan Dominic Lu Wai Ching for false trading of 2 Hong Kong-listed companies. In 2014, Jonathan had executed matched trades between the brokerage accounts of the hedge fund (Tarascon Capital Mgmt) and his mother, creating misleading appearance of active trading and affecting the share price. Tarascon Capital was established in 2007 by Jonathan (Founder & CIO) to manage an Asia-Pacific equity long/short strategy. The HK SFC instituted proceedings in the Market Misconduct Tribunal (MMT) against Jonathan for market misconduct under section 274 of the Securities and Futures Ordinance (SFO). A copy of the SFC’s Notice of the MMT proceedings is available on the MMT’s website (www.mmt.gov.hk). Tarascon is licensed under the SFO to carry out Type 9 (asset management) regulated activity.
“ Hong Kong SFC Starts Market Misconduct Proceeding Against Founder & CIO of Hedge Fund Tarascon Capital for False Trading with Mother on 2 HK Listed Companies to Create Active Trading Activities “
Market Misconduct Tribunal (MMT)
The Tribunal is an independent body which is established under the Securities and Futures Ordinance, and is chaired by a judge or former judge of a High Court who sits with two members. Market misconduct includes insider dealing, false trading, price rigging, stock market manipulation, disclosure of information about prohibited transactions and disclosure of false or misleading information inducing transactions in securities and futures contracts. Such conduct is detrimental to the interests of investors and damages the reputation of Hong Kong as an international financial centre. In accordance with the Securities and Futures Ordinance (Cap. 571) (“SFO”), if it appears to the Securities and Futures Commission (“SFC”) that market misconduct or a breach of a disclosure requirement under Part XIVA of the SFO has or may have taken place, the SFC may institute proceedings before the Tribunal. The Tribunal conducts civil proceedings and, where appropriate, imposes civil sanctions against those it determines to be wrongdoers. It helps promote market confidence by protecting the interests of the investing public and reducing market malpractice.
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