SFC warns against hoaxes

The Securities and Futures Commission has warned investors against securities market hoaxes. The warning came after SFC executive director of enforcement Paul Bailey received unsolicited sales pitches from Japan-registered Kearns Investments, offering discounted shares in a maker of fire-resistant building materials listed on Nasdaq's over-the-counter market. The SFC urges investors to check if the intermediary is licensed in the markets it operates in. Investors are also advised to check the background of the listed company.