Wonderful Wealth Group Convicted for Unlawful Dealing in Securities
Former officer of unregistered asset manager fined $20,000
What Happened?
July 9, 2020: Former officer of Wonderful Wealth Group Limited Mr. Simon Chan Ying Ming was convicted by The Eastern Magistrates’ Court of Hong Kong for unlawful dealing in futures contracts and asset management. The criminal prosecution was brought by the Securities and Futures Commission (SFC)
In 2012, Chan solicited two individuals to invest in a WWGL-operated investment scheme that guaranteed a 5% return in three months’ time and involved their funds being used to trade futures contracts and options. As a result, the investors lost over $700,000.
Source: https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR67
Who Is Impacted?
Investors who trusted their funds to the unlicensed asset manager. The SFC reminds investors to check the SFC’s Public Register of Licensed Persons and Registered Institutions on the SFC website before investing to ensure that the people who provide dealing services in futures contracts and asset management are properly licensed.
Why This Matters?
This case is another reminder of how important it is to ensure that anybody soliciting investments is properly licensed.
What’s Next?
Chan pleaded guilty to all four charges and is now required to pay a $20,000 fine, as well as the Securities and Futures Commission’s investigation costs
learn more
Is your AML compliance too expensive, time-consuming, or ineffective?
iComply enables financial services providers to reduce costs, risk, and complexity and improve staff capacity, effectiveness, and customer experience.
Request a demo today.
Boosting Compliance Efficiency: How One Broker Dealer Achieved 90% Improvement
Learn how a U.S. broker dealer achieved a 90% improvement in compliance efficiency to scale to billions of dollars a year. Discover how they consolidated KYC, KYB, and AML processes, reduced onboarding times from days to minutes, and transformed compliance into a competitive advantage
Navigating the Regulatory Landscape: How One Fintech Stays Ahead of the Curve
Discover how a crypto asset services provider stayed ahead of regulatory changes, including FATF Travel Rule compliance, by using iComply’s automated platform. Learn how they streamlined workflows, reduced compliance risks, and built trust with clients and regulators.
Enhancing Customer Onboarding: How One Insurer Improved Satisfaction by 25% with iComply
Discover how a national insurance company improved customer satisfaction by 25% and cut onboarding times by 50% using iComply’s automated KYC solution. Learn how they transformed compliance into a seamless, customer-friendly experience.