SFC suspends Sky Cheung Shi Gaii for 30 months and fines him $500,000 for regulatory breaches

8 Apr 2013



The Securities and Futures Commission (SFC) has suspended Mr Sky Cheung Shi Gaii for 30 months from 4 April 2013 to 3 October 2015 and fined him $500,000 for trading with a concealed securities account, putting himself in a conflict of interest position and making false and inaccurate declarations in a newspaper investment column (Note 1).

An SFC investigation found that:

The fine imposed on Cheung is approximately equivalent to the profits he made in the above transactions.

End

Notes:

  1. Cheung is licensed as a representative accredited to Polaris Securities (Hong Kong) Limited to carry on Type 1 (dealing in securities), Type 2 (dealing in futures contracts), Type 4 (advising on securities) and Type 9 (asset management) regulated activities since August 2010. Cheung was licensed as a representative accredited to Quam to carry on Types 1, 2 and 9 regulated activities from July 2008 to June 2010.
  2. Code of Conduct for Persons Licensed by or Registered with the SFC.
  3. Paragraph 12.2(b) of the Code of Conduct provides that any transactions for employees’ accounts and related accounts should be separately recorded and clearly identified in the records of the licensed or registered person, and transactions of these accounts should be reported to and actively monitored by senior management of the licensed or registered person who should maintain procedures to detect irregularities and ensure that the handling by the licensed or registered person of these transactions or orders is not prejudicial to the interests of the licensed or registered person’s other clients.
  4. A copy of the Statement of Disciplinary Action in relation to the matter is available on the SFC website.


Page last updated : 8 Apr 2013