The Securities and Futures Commission (SFC) yesterday announced a range of actions against securities dealers for trading malpractices.
The watchdog has reprimanded National Resources Securities and two of its dealer's representatives, Ho Chi-kwong and Yu Kwok-pui, for malpractices relating to short-selling.
At the same time, Wong Siu-chin, Lai Kam-hung, Poon Chun-keung and Wai Yuk-chun all pleaded guilty in Western Magistracy to short-selling through Cheerful Securities in October, 1995. Wong was fined $5,000, Lai $33,000, Poon $16,000, and Wai $7.500.
The SFC suspended the registration of Chow Sang Sang Securities floor trader Harry Chow Ying-wah for three years.
The SFC said he was guilty of trading malpractices through a nominee account with Cheer Pearl Investment from March, 1993, to February, 1994. He was accused of trading malpractices by earning about $300,000 at the expense of clients.
