A senior executive at a leading United States-based investment firm has the distinction of being the first person to be fined under Hong Kong's new securities law. Richard John Patterson, head of Asia-Pacific market sales trading at Citigroup Global Markets Asia, has been fined $287,372 and reprimanded by the Securities and Futures Commission (SFC) for unlicensed dealing over a period of two months. Mr Patterson was fined under the new Securities and Futures Ordinance, which came into effect on April 1, giving the regulator stronger disciplinary powers. It allows the commission to levy fines of up to $10 million on licensed persons who have been found to have breached financial regulations. Transgressions include unlicensed dealing, failing to disclose information in a timely manner and insider dealing. The SFC said Mr Patterson had been dealing in securities between March 19 and May 16 this year without a licence. Alan Linning, SFC executive director of enforcement, said the commission viewed unlicensed dealing seriously. 'This is the first fining decision following the implementation of the Securities and Futures Ordinance. All the circumstances of the case justify the exercise of the SFC's fining power and the level of fine imposed,' Mr Linning said. In determining the amount of the fine, the SFC said it had taken into consideration that no client had suffered any loss. It also noted that Mr Patterson had not benefited from his misconduct by reason of Citigroup's disciplinary action in withholding some of his due bonus. The commission said Mr Patterson, who had a clean record before the incident, had co-operated with the SFC and Citigroup.