Warrants trader Raymond Ng Chun-to was convicted in the District Court yesterday on four counts of conspiracy to defraud and one of trying to pervert the course of justice in a case involving more than HK$100 million of derivatives. Ng, a director of Hong Kong Investor, his wife and two others were arrested by the Independent Commission Against Corruption for trying to manipulate the derivatives market with warrants issued by Calyon Financial Products (Guernsey), Standard Bank, Citigroup Global Market Holdings and Dresdner Bank between 2005 and last year.
