Simon Chan Ying Ming, former officer of Wonderful Wealth Group Limited (WWGL), was convicted of dealing in futures contracts and asset management without a licence in a criminal case brought by the Hong Kong Securities and Futures Commission (SFC).
Chan pleaded guilty and was fined $20,000 and ordered to pay the SFC’s investigation costs.
The SFC discovered that from July to September 2012, solicited two customers to invest in a WWGL-operated investment scheme with futures contracts and options.
Chan guaranteed a 5% monthly return rate in three months’ time. The investors gave a total of $850,000 a d lost approximately $710,000.
The Hong Kong regulator found that WWGL dealt in futures contracts and asset management without licence as a result of Chan’s recklessness.
