Gold investor punished for trading abuse
William Lee Tak-lun, the president of the Chinese Gold & Silver Exchange Society, has been suspended by the Securities and Futures Commission from working in the investment industry for a year. The SFC also fined his firm, Grand Investment (Securities), HK$3 million for turning a blind eye to abuse in the trading of derivative warrants by two clients from January 2004 to January 2005. Wendy Chung Wing-hang, Lee's colleague, was also suspended for 18 months. Lee said yesterday the company had since improved its internal control systems.