The Securities and Futures Commission (SFC) has suspended the licence of Ms Oei Hong Eng, the chairperson and a responsible officer of Gransing Securities Co., Limited (Gransing Securities), for eight months from 16 May 2019 to 15 January 2020 for attempting to create a false or misleading appearance of active trading in securities (Note 1).
The disciplinary action follows an SFC investigation which found that Oei solicited the help of a friend who conducted trades through another brokerage to match her trades in the shares of G-Vision International (Holdings) Ltd. (G-Vision) between 31 May 2011 and 5 August 2011 and of Tianjin Tianlian Public Utilities Company Ltd. (TTPU) between 27 April 2011 and 1 June 2011.
Oei admitted that her actions – including using her and her family members’ accounts at Gransing Securities to carry out these trades – were designed to create turnover in the shares of G-Vision and TTPU with a view of inducing other investors to trade in those shares.
The SFC is of the view that Oei’s dishonest and intentional act called into question her fitness and properness to be a regulated person.
In deciding the penalty, the SFC took into account all relevant circumstances, including Oei’s remorse and frank admission, and her otherwise clean disciplinary record.
Note:
- Oei is licensed under the Securities and Futures Ordinance (SFO) to carry on Type 1 (dealing in securities), Type 4 (advising on securities), Type 6 (advising on corporate finance) and Type 9 (asset management) regulated activities. Oei has been approved by the SFC to act as a responsible officer of Gransing Securities since 18 May 1998.
A copy of the Statement of Disciplinary Action is available on the SFC website