The Eastern Magistrates’ Court today convicted Ms Grace Wong Yuk Han and Ms Lonna Wong Yuk Wah, former dealers of Vermont Securities Company Limited (Vermont), of dealing in securities without a licence (Notes 1 & 2).
Both pleaded guilty and was fined $1,500 and $1,000 respectively. The Court also ordered them to pay the Securities and Futures Commission’s (SFC) investigation costs.
The SFC alleged that Grace Wong and Lonna Wong, whilst unlicensed, directly handled securities trading order instructions from customers of Vermont and confirmed execution of trades with customers from May 2011 to April 2012 and from May 2011 to September 2011 respectively.
The SFC reminds investors to check the SFC’s Public Register of Licensed Persons and Registered Institution on the SFC website (www.sfc.hk) to ensure that people who handle their trades are licensed.
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Notes:
- Vermont, now known as China Securities Holdings Limited (China Securities), is licensed by the Securities and Futures Commission (SFC) to carry on business in Type 1 (dealing in securities) regulated activity. Vermont ceased business on 31 December 2012.
- The SFC reprimanded and fined China Securities $1.3 million, banned one of its responsible officers for 27 months and suspended two other responsible officers for eight months and 12 months respectively for a number of serious deficiencies. Please see the SFC’s press releases dated 15 August 2013, 18 September 2013 and 26 May 2014.
- Grace Wong was later licensed as a representative of Vermont from 21 May 2012 to 21 November 2012. She currently holds a licence to carry on business in Type 1 (dealing in securities) regulated activities and is accredited to Hani Securities (HK) Limited. Lonna Wong has never been licensed with the SFC for any regulated activity.