A former investment banker at BNP Paribas Peregrine Capital has entered the history books by becoming the first insider trader to be remanded in custody in Hong Kong.
Ma Hon-yeung, a former vice-president of BNP Paribas Peregrine, and four others were found guilty in the District Court yesterday of insider dealing.
Chief District Judge Patrick Li remanded Ma for sentencing on April 1.
This was the second of only five insider dealing criminal prosecutions in Hong Kong and underscores regulators' resolve to crack down on the malpractice.
It was the first indictable trial in the District Court after insider dealing became a criminal offence under the Securities and Futures Ordinance in 2003.
Before that, no jail term could be handed down for insider trading and a tribunal could only levy a financial penalty or ban directors from sitting on company boards for up to five years.