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Hong Kong Court Sentenced 2 Brokers from KGI Asia & South China Securities to 3 Months Jail Each for False Trading & Stock Manipulation to Create Appearance of Active Trading on Hong Kong-Listed Company Forebase, Company Renamed to Times Universal Group Holdings
21st May 2024 | Hong Kong
A Hong Kong court has sentenced 2 ex-brokers (licensed representatives) from KGI Asia (Yip Chi Wing) & South China Securities (Tsoi Chiu Kwan) to 3 months jail each for false trading & stock manipulation to create the appearance of active trading on Hong Kong-listed company Forebase (Renamed to Times Universal Group Holding). In late April, a Hong Kong Court had convicted the 2 ex-brokers. Hong Kong SFC (17/5/24): “The Eastern Magistrates’ Court has sentenced two former licensees, Mr Yip Chi Wing and Mr Tsoi Chiu Kwan, to three months of imprisonment each following their convictions for false trading in the shares of Forebase International Holdings Limited (Forebase). In sentencing, Magistrate Mr Jeffrey Sze Cho Yiu said that Yip and Tsoi played important roles in the false trading of Forebase shares in their capacity as licensed brokers. The offence, which took place over a period of 10 months during 2015 and 2016, created false or misleading appearance of active trading in Forebase shares. Having taken into account the serious nature of their offence and the need to protect the investing public, Mr Sze concluded that immediate custodial sentence was appropriate in the circumstances of the case.
“ Hong Kong Court Sentenced 2 Brokers from KGI Asia & South China Securities to 3 Months Jail Each for False Trading & Stock Manipulation to Create Appearance of Active Trading on Hong Kong-Listed Company Forebase, Company Renamed to Times Universal Group Holdings “
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Christopher Wilson, Hong Kong Securities & Futures Commission’s (SFC) Executive Director of Enforcement: “The court’s decision sends a clear message to perpetrators of false trading on the legal consequence for harming market integrity and undermining the trust and confidence of the investing public. The SFC will not tolerate licensed persons who abuse their positions to engage in market misconduct, and we will not hesitate to take actions against them because their wrongdoings are serious. Licensed persons should always bear in mind that they are expected to uphold high standards of conduct and to act in the best interests of clients and the integrity of the market.”
Hong Kong Court Convicts 2 Brokers from KGI Asia & South China Securities Guilty of False Trading & Stock Manipulation to Create Appearance of Active Trading on Hong Kong-Listed Company Forebase, Company Renamed to Times Universal Group Holdings
1st May 2024 – A Hong Kong court has convicted 2 ex-brokers (licensed representatives from KGI Asia (Yip Chi Wing) & South China Securities (Tsoi Chiu Kwan) guilty of false trading & stock manipulation to create the appearance of active trading on Hong Kong-listed company Forebase. (Renamed to Times Universal Group Holding). Hong Kong SFC: “The Eastern Magistrates’ Courts today convicted two former licensees, Mr Yip Chi Wing and Mr Tsoi Chiu Kwan of false trading in the shares of Forebase International Holdings Limited (Forebase) following a prosecution by the Securities and Futures Commission (SFC) (Notes 1 to 3). Between 21 December 2015 and 17 October 2016, Yip and Tsoi maintained the turnover of the shares in Forebase by conducting manipulative and frequent transactions among various securities accounts under their control, resulting in an artificial increase in the trading volume of Forebase shares and creating a false or misleading appearance of active trading. Yip and Tsoi pleaded guilty to the offence. The Court adjourned the case to 16 May 2024 for sentence. They were granted bail on these conditions: (i) not to leave Hong Kong; (ii) surrender all travel documents and (iii) reside at the reported residential address. They were also ordered to pay the SFC’s investigation costs.“
The SFC’s Executive Director of Enforcement, Christopher Wilson: “The SFC has zero tolerance for any forms of market misconduct. We are dedicated to safeguarding Hong Kong’s financial ecosystem by upholding market integrity and maintaining a level playing field.”
Notes
- Forebase, now known as Times Universal Group Holdings Limited, was listed on the Main Board of The Stock Exchange of Hong Kong Limited in 2003.
- False trading constitutes an offence contrary to section 295 of the Securities and Futures Ordinance.
- Yip and Tsoi were licensed representatives of KGI Asia Limited and South China Securities Limited respectively at the material time. Both Yip and Tsoi are currently not licensed by the SFC.
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