SFC bans Wong Wai Hong for six months

5 May 2015



The Securities and Futures Commission (SFC) has banned Mr Wong Wai Hong, former Chairman and Chief Executive Officer of Lyncean Securities Limited (Lyncean Securities), from re-entering the industry for six months from 4 May 2015 to 3 November 2015 for breach of the SFC’s Code of Conduct (Notes 1 & 2).

The disciplinary action follows an SFC investigation which found that, between 14 September and 29 October 2012, Wong effected numerous transactions in a client’s account on a discretionary basis without obtaining the client’s written authorization.

The SFC considers that the client’s interests were prejudiced as Wong’s failure deprived the client from the firm’s protection on discretionary account. As the client’s securities account was not designated as a discretionary account by the firm, the operation of the client’s securities account was not properly monitored and supervised by the firm (Note 3).

Lyncean Securities has compensated the affected client by reimbursing him 80 per cent of the loss incurred in his securities account.

End

Notes:

  1. Wong was licensed under the Securities and Futures Ordinance to carry on Type 1 (dealing in securities) and Type 4 (advising on securities) regulated activities and was accredited to Lyncean Securities Limited (currently known as Brilliant Norton Securities Company Limited) from 3 January 2012 to 29 October 2012. Wong is currently not licensed by the SFC.
  2. Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission (October 2011 version).
  3. The Code of Conduct requires a licensed person to obtain a written authorization before operating a discretionary account for a client.

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



Page last updated : 5 May 2015