The Securities and Futures Commission (SFC) has suspended the licence of Mr Ng Kwok Wing for six weeks from 2 March 2013 to 12 April 2013 (Note 1).
The disciplinary action follows Ng’s conviction on 25 October 2012 for illegal short selling in the shares of Pacific Plywood Holdings Limited in contravention of the Securities & Futures Ordinance (Note 2). Accordingly, the SFC formed the view that Ng was guilty of misconduct, calling into question his fitness and properness as a licensed person.
Notes:
- Ng is licensed under the Securities and Futures Ordinance (SFO) to carry on Type 1 (dealing in securities) and Type 2 (dealing in futures contracts) regulated activities and is accredited to Phillip Securities (Hong Kong) Limited and Phillip Commodities (HK) Limited.
- On 25 October 2012, Ng was convicted of four counts of illegal short selling contrary to section 170 of the SFO. He was fined a total of $14,000 for the summonses and ordered to pay the SFC’s investigation costs. Please see SFC press release dated 25 October 2012 for details.