Magistrate imposes jail sentence on insider dealer after review

14 Sep 2010

The Eastern Magistracy today sentenced Mr Pablo Chan Pak Hoe, who was earlier convicted of insider dealing, to four months of imprisonment and a fine of $120,000.

Today’s sentence followed a request from the Securities and Futures Commission for Magistrate Anthony Yuen Wai Ming to review his original decision, which was made on 19 August 2010, in which Chan was ordered to serve 240 hours of community service. (Note 1)

The magistrate stated at a hearing today that “… on the facts as found, the defendant has abused his position and it was well planned. Therefore it would be wrong to impose a community service order…I also agree that there should be a fine which is not less than the profits earned.”

Chan was granted bail pending his appeal against the conviction on the basis of a cash bail of $50,000 and a prohibition against him leaving Hong Kong.

End

Note:

1. Please see SFC press releases dated 5 August 2010 and 19 August 2010.

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