The Securities and Futures Commission yesterday reprimanded a securities firm for misconduct and suspended the licence of a commodity broker.
Tiffit Securities was reprimanded for providing misleading financial information. One of the people responsible, Fong Shik-yee, was suspended for three months and 15 days from yesterday, while Kwok Wood-yan will be suspended for seven months from April 8 next year.
The securities firm and Kwok were prosecuted for providing misleading information to the SFC. They also failed to maintain the required level of liquid capital and did not notify the SFC of its liquid capital deficiencies.
Fong was prosecuted for breaches relating to the keeping of trust accounts.
'The SFC concluded that Tiffit, Kwok and Fong have been guilty of misconduct and their fitness and properness has been called into questions,' the watchdog said in a statement.
In a separate case, the SFC suspended the licence of Cheng Wai-shan of Sun Hung Kai Commodities for six months following a hearing by the SFC appeals tribunal.