Hong Kong SFC Revokes Licence of Amber Hill Capital & Issued Lifetime Ban on Senior Management (Neo Ng Yu & Simon Ng She Chun) for Misappropriating $154 Million from Client of Hong Kong Brokerage Nerico Brothers
29th August | Hong Kong
The Hong Kong Securities and Futures Commission (SFC) has revoked the licence of Amber Hill Capital & issued a lifetime ban on the senior management (Neo Ng Yu & Simon Ng She Chun) for misappropriating $154 million from a client of Hong Kong brokerage Nerico Brothers. Hong Kong SFC has also revoked the licence of Nerico Brothers & issued a lifetime ban on Director Jerff Lee Cheuk Fung for misconduct & facilitated misappropriating of $154 million. Announcement (28/8/25): “The Securities and Futures Commission (SFC) has revoked the licence of Amber Hill Capital Limited (AHCL) for facilitating misappropriation of funds and other dishonest activities related to fund management (Note 1). The SFC has also banned AHCL’s former senior management, Neo Ng Yu and Simon Ng She Chun, from engaging in all regulated activities for life (Notes 2 to 4). Facilitation of misappropriation of funds – AHCL served as the manager of a segregated portfolio of a Cayman-incorporated fund (Sub-fund) between 6 October 2017 and 29 September 2021. The SFC’s investigation found that Neo Ng, along with his connected persons and entities, orchestrated a scheme to misappropriate approximately US$154 million belonging to a client of Nerico Brothers Limited (NBL) through the Sub-fund. AHCL knowingly facilitated this scheme (Notes 5 and 6). Specifically, under the scheme, NBL transferred its client’s funds to the Sub-fund for the purported acquisition of “liquidity provider units” from the Sub-fund between January and August 2021 (Note 7). Although the Sub-fund did not issue or hold any such units, AHCL accepted the funds transferred from NBL. AHCL then directed the Sub-fund to transfer a significant portion of the proceeds to a corporate vehicle owned by Neo Ng and use most of the remaining proceeds for the Sub-fund’s own purposes. Provision of false information and fabricated documents regarding the Sub-fund – While serving as the fund manager, AHCL represented to the Sub-fund’s auditors and administrators that NBL was one of the brokers used by the Sub-fund for its trading activities and the majority of the Sub-fund’s cash assets were held in an account maintained with NBL (NBL account). AHCL also claimed that Neo Ng made three subscriptions totalling US$297 million for the shares of the Sub-fund via a corporate vehicle he controlled and the proceeds from his subscriptions were transferred to this purported NBL account. However, the SFC investigation revealed that the Sub-fund was not a client of NBL, nor did it maintain any account with NBL. In the circumstances, the Sub-fund’s cash assets purportedly maintained with NBL did not exist, and the Sub-fund’s cash position was overstated by the purported balance of up to US$451 million at the NBL account between November 2019 and May 2021. In addition, AHCL provided false information and fabricated documents, including fabricated auditors’ reports, about the Sub-fund’s value and financial position to mislead investors and prospective investors between November 2019 and September 2021. Senior management responsibility -The SFC considers that the misconduct of AHCL was directly attributed to the actions of Neo Ng and Simon Ng. Neo Ng was the mastermind and orchestrator of the schemes. He also personally benefited from the misappropriated funds of NBL’s client and the artificial inflation of the Sub-fund’s value (Note 8). On the other hand, Simon Ng conspired with Neo Ng in these schemes by processing the misappropriated funds from NBL, authorizing the dissipation of the misappropriated funds to Neo Ng’s corporate vehicle, and playing an active role in providing false information and fabricated documents to the Sub-fund’s auditors and administrators. All in all, their conduct was profoundly dishonest and fell far below the standards expected of the senior management of a licensed corporation.” In 2024 February, the Hong Kong Securities and Futures Commission (SFC) issued a 5-year ban to ex-representatives of brokerage Nerico Brothers Lam Ching Chiu & Wong Siu Fung after their criminal conviction of bribery, paying a total of $10,000 to CEO & staff of Hong Kong Financial Engineering for each profitable transaction in addition to standard service fee for algorithmic futures trading program. Lam Ching Chiu had been sentenced to 1 year jail with 2 years suspension & Wong Siu Fung had been sentenced to 9 months jail with 2 years suspension.
“ Hong Kong SFC Revokes Licence of Amber Hill Capital & Issued Lifetime Ban on Senior Management (Neo Ng Yu & Simon Ng She Chun) for Misappropriating $154 Million from Client of Hong Kong Brokerage Nerico Brothers “
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In deciding the disciplinary sanctions against AHCL, Neo Ng, and Simon Ng, the SFC took into account that:
- their conduct was egregious and serious, and damaged the confidence of both investors and the public in market integrity;
- their conduct caused significant losses to the client of NBL; and
- they each had an otherwise clean disciplinary record.
Notes:
- AHCL is licensed under the Securities and Futures Ordinance (SFO) to carry on Type 4 (advising on securities) and Type 9 (asset management) regulated activities. AHCL has ceased business in regulated activities since 31 December 2021.
- Neo Ng was a director of AHCL from 1 March 2019 to 1 November 2021. He has also been the ultimate sole shareholder of AHCL since 26 February 2019.
- Simon Ng, the brother of Neo Ng, was a member of the senior management of AHCL. Simon Ng served as the manager-in-charge of various core functions of AHCL during different time periods between 28 March 2019 and 20 April 2020.
- While Neo Ng and Simon Ng were not licensed persons under the SFO during the relevant period, they fall within the definition of a “regulated person” under section 194(7) of the SFO, which includes a person who is, or at the relevant time was, involved in the management of the business of a licensed corporation.
- Please refer to the SFC’s press release dated 28 August 2025 for the SFC’s related disciplinary actions against NBL and its director, Jerff Lee Cheuk Fung.
- Neo Ng has been a substantial shareholder of the holding company of NBL’s client since 23 December 2020. Neo Ng also served as a director of the client from 15 July 2021 to 20 January 2022.
- According to NBL, its clients were required to purchase “liquidity provider units” issued by a fund in order to trade currency with the issuing fund.
- Neo Ng was one of the ultimate major shareholders of the Sub-fund since its inception, indirectly holding approximately 75% of its shares as of December 2020.
A copy of the Statement of Disciplinary Action is available on the SFC website
Hong Kong SFC Issues 5-Year Ban to Ex-Representatives of Brokerage Nerico Brothers Lam Ching Chiu & Wong Siu Fung after Criminal Conviction of Bribery, Paid Total of $10,000 to CEO & Staff of Hong Kong Financial Engineering for Each Profitable Transaction in Addition to Standard Service Fee for Algorithmic Futures Trading Program, Lam Ching Chiu Sentenced to 1 Year Jail with 2 Years Suspension & Wong Siu Fung Sentenced to 9 Months Jail with 2 Years Suspension
7th February 2024 – The Hong Kong Securities and Futures Commission (SFC) has issued a 5-year ban to ex-representatives of brokerage Nerico Brothers Lam Ching Chiu & Wong Siu Fung after their criminal conviction of bribery, paying a total of $10,000 to CEO & staff of Hong Kong Financial Engineering for each profitable transaction in addition to standard service fee for algorithmic futures trading program. Lam Ching Chiu had been sentenced to 1 year jail with 2 years suspension & Wong Siu Fung had been sentenced to 9 months jail with 2 years suspension. Hong Kong SFC: “Lam and Wong were found guilty in August 2022 at the District Court of paying the then chief executive officer (CEO) of Hong Kong Financial Engineering Company Limited (HKFECL) bribes in relation to utilising a computerised algorithmic programme used for futures trading. The CEO was the developer of the trading programme and was responsible for its operation, while Lam and Wong, as well as their clients, used it to invest in futures contracts from late 2014 to early 2015 (Note 4). Around December 2014 or January 2015, in addition to the service fee charged by HKFECL, the CEO asked Lam and Wong to pay a commission for each profitable transaction conducted as a reward for his staff who assisted with the operation of the trading programme. Lam subsequently paid the CEO between $60,000 and $70,000 (HKD). Wong also gave a mobile phone and cosmetic products worth $12,500 (HKD) to the CEO in December 2014 at his request, out of a desire to maintain a good relationship with him. Neither Lam nor Wong had checked whether the above practices were known or acceptable to HKFECL before they made the payments or gifts to the CEO.”
Hong Kong SFC Issues 5-Year Ban to Ex-Representatives of Brokerage Nerico Brothers Lam Ching Chiu & Wong Siu Fung after Criminal Conviction of Bribery
6th February 2024 – The Securities and Futures Commission (SFC) has banned Mr Lam Ching Chiu and Mr Wong Siu Fung, both former licensed representatives of Nerico Brothers Limited, from re-entering the industry for five years from 6 February 2024 to 5 February 2029 following their criminal convictions of bribery offences (Notes 1 to 3).
Lam and Wong were found guilty in August 2022 at the District Court of paying the then chief executive officer (CEO) of Hong Kong Financial Engineering Company Limited (HKFECL) bribes in relation to utilising a computerised algorithmic programme used for futures trading. The CEO was the developer of the trading programme and was responsible for its operation, while Lam and Wong, as well as their clients, used it to invest in futures contracts from late 2014 to early 2015 (Note 4).
Around December 2014 or January 2015, in addition to the service fee charged by HKFECL, the CEO asked Lam and Wong to pay a commission for each profitable transaction conducted as a reward for his staff who assisted with the operation of the trading programme. Lam subsequently paid the CEO between $60,000 and $70,000 (HKD). Wong also gave a mobile phone and cosmetic products worth $12,500 (HKD) to the CEO in December 2014 at his request, out of a desire to maintain a good relationship with him.
Neither Lam nor Wong had checked whether the above practices were known or acceptable to HKFECL before they made the payments or gifts to the CEO.
In deciding the sanctions, the SFC considers that Lam and Wong are not fit and proper persons to be licensed to carry on regulated activities due to their criminal convictions.
Notes:
- Lam was licensed to carry on Type 1 (dealing in securities), Type 2 (dealing in futures contracts), Type 3 (leveraged foreign exchange trading) and Type 9 (asset management) regulated activities under the Securities and Futures Ordinance (SFO) and was accredited to Nerico Brothers Limited from 29 August 2008 to 5 August 2021. Lam is not currently licensed by the SFC.
- Wong was licensed to carry on Type 1 (dealing in securities), Type 2 (dealing in futures contracts) and Type 9 (asset management) regulated activities under the SFO and accredited to Nerico Brothers Limited from 7 November 2011 to 5 August 2021. Wong is not currently licensed by the SFC.
- On 29 August 2022, the District Court convicted Lam of one count of offering an advantage to an agent, contrary to sections 9(2) and 12(1) of the Prevention of Bribery Ordinance and convicted Wong of two counts of the same charge. On 8 September 2022, Lam was sentenced to 12 months’ imprisonment, suspended for two years, and Wong was sentenced to nine months’ imprisonment, also suspended for two years. The Reasons for Verdict and Reasons for Sentence in relation to this case (Case No: DCCC 700/2021) are both available on the Judiciary’s website.
- The trading programme was provided by HKFECL by way of account management services.
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