The Securities and Futures Commission (“SFC”) has prohibited Mr. Poon Chun Hing (“Poon”) from re-entering the industry for life pursuant to Section 194 of the Securities and Futures Ordinance (“SFO”).
The SFC Investigation found that Poon had misappropriated an aggregate sum of HK$160,000 (the “Funds”) from two students (collectively, the “Investors”) who had attended financial planning and/or accounting courses in which Poon was the instructor.
In around February and March 2019, the SFC received complaints from the Investors alleging that Poon had misappropriated the Funds and that the Investors had given Poon to invest in securities and futures on their behalf.
The Investors had entered into agreements with Poon whereby it was agreed that the Investors would deposit a sum of money into Poon’s bank account and Poon would thereafter invest in securities and future for the Investors, including a promise of percentage targeted annual return on the investments ranging from 60% to 200%.
The investigation revealed that Poon had misappropriated the Funds for his personal use, and transferred the Funds into accounts of various individuals, money lenders and/or withdrawn in cash.
The SFC found that Poon’s dishonest misappropriate of the Funds casts serious doubt on his ability to carry on regulated activities honestly. The SFC is also of the view that he is not fit and proper to be a regulated person.
In coming to the decision of a prohibition for life, the SFC considered all relevant circumstances including (1) Poon’s dishonest conduct; (2) honesty being the fundamental to the fitness and properness of a regulated person and that his dishonest acts has no place in the industry; and (3) Poon’s previous disciplinary record, where he was banned from re-entering the industry for 30 months from 18 July 2018 to 17 January 2021.
Readers are reminded to remain alert when being approached with securities and future investment deals and/or dealing with persons and corporations claiming that they are “licensed” or “registered” in Hong Kong for securities related regulated activities.
To ascertain their identify, consider conducting a search on the public register maintained by the SFC and search for any relevant enforcement news on the SFC website.
Contact us if you need help with a any matters related to the SFC.