The SFC noted that Kwong Shing admitted that from 2 August 2013 to 16 December 2013 he used two of his client’s securities accounts and made eight stocks transactions without approval.
The regulator pointed out that these transactions resulted in trading profit of $172,890 to one of the accounts and in $48,321 loss to the other.
Industry ban
In November 2017, the SFC imposed a $542,071 fine on Kwong Shing and banned him for life. The regulator found that between January 2013 and May 2014, he conducted 772 unauthorized transactions in the account of his friend and client. He fabricated telephone order recordings to mislead Fulbright Securities that the transactions were made by his client.
Furthermore, Kwong Shing impersonated a client to place orders in their account at another Enhanced Securities Limited.
