Manipulator fined $45,000
An account executive at Fair Eagle Securities has been fined $45,000 by the Western Magistracy for manipulating the share price of the three companies from April to June last year.
Sidney Yung Wai-shun yesterday pledged guilty and was fined $45,000.
He was also ordered to pay investigation costs of $450,000 to the Securities and Futures Commission.
An SFC investigation found Yung purchased several shares in the companies on behalf of discretionary clients.
The companies are Ankor Group, Hong Kong Fortune and Victory City International Holdings.
In a bid to protect clients' investments, Yung placed a series of high bids and orders for the purchase and selling of the three stocks near the close of the market, the SFC said.
These moves created a misleading trading environment for the shares.
This is Hong Kong's fourth successful prosecution of market manipulation.
In a separate case, Alvin Soon Lin-wai pleaded guilty at the Western Magistracy for carrying out unlicensed leveraged foreign exchange trading.
He was fined $8,000 and ordered to pay costs of $11,132 to the SFC.
Wong Yin-ling was fined $36,000 by the Western Magistracy for illegal short-selling of securities on the stock exchange. She was also ordered to pay investigation costs of $22,913 to the SFC.