SFC fines Danny Fung Kwong Shing and bans him for life

23 Nov 2017



The Securities and Futures Commission (SFC) has banned Mr Danny Fung Kwong Shing, a former account executive of Fulbright Securities Limited (Fulbright Securities), from re-entering the industry for life and fined him $542,071 (Notes 1 & 2).

The disciplinary action follows an SFC investigation which found that between January 2013 and May 2014, Fung had:

The investigation also revealed that at least 53 of the above-mentioned unauthorized transactions were conducted by Fung under a premeditated scheme to secure profits for Y, with the result that Y made profits from these transactions at X’s expense by selling shares to X at prices higher than the purchase prices.     

X suffered a substantial loss of around $2.6 million as a result of all the unauthorized transactions. 

The SFC considers that Fung’s conduct was gravely dishonest and that he is not a fit and proper person to be licensed.

End

Notes:

  1. The amount of the fine is equivalent to the amount of profit made by Fung for Y and the commission he gained from the unauthorized transactions.
  2. Fung was licensed to carry on Type 1 (dealing in securities) regulated activity under the Securities and Futures Ordinance.  He was accredited to Fulbright Securities during the periods from 1 September 2001 to 23 February 2005 and from 30 July 2008 to 6 November 2014.  Fung is currently not licensed by the SFC.

A copy of the Statement of Disciplinary Action is available on the SFC website



Page last updated : 23 Nov 2017