Senior executives of a brokerage have apologised for 'initially taking an unnecessarily hostile approach' to a Securities and Futures Commission (SFC) investigation involving illegal short-selling. The SFC and stock exchange yesterday publicly reprimanded Grand Fortune Securities & Investment and the former dealer's representative Frankie Shiu Tak-shun. The stock exchange also fined Grand Fortune $20,000 and Mr Shiu $3,000. The disciplinary action stemmed from an inquiry which revealed that Mr Shiu had failed to stop a client from illegally short-selling shares in November 1996. Dealing director Patrick Huen Wong-ming and dealing manager Florence Huen Lai-ping accepted responsibility for the inadequacies in a written apology to the SFC.