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.
2025 Outlook: Data Privacy and Security in KYB, KYC, AML Compliance
In today’s rapidly changing digital landscape, data privacy and security are more crucial than ever for compliance teams. As regulations tighten and cyber threats evolve, businesses must prioritize innovative solutions. Enter edge computing, a game-changer for KYC,...
Revolutionizing KYC for Insurance Companies: A Smarter, Simpler Approach
KYC in Insurance: Streamlining Compliance and Building Trust
Enhance customer experience and strengthen fraud prevention with iComply’s comprehensive KYC solution for insurance companies. Streamline identity verification, risk assessment, and ongoing monitoring.
The Travel Rule Challenge on Layer 2 Solutions: How iComply Helps VASPs Navigate AML Compliance
The FATF Travel Rule poses a significant challenge for VASPs using Layer 2 solutions like the Lightning Network due to transaction anonymity and off-chain processing. iComply offers a holistic AML compliance solution, including KYB software, AI-driven monitoring, and industry leading Travel Rule compliance expertise, to help VASPs navigate these challenges seamlessly.
How Law Firms Can Build Client Trust with Seamless Compliance
Reimagine Compliance: Build Trust, Not Friction
Transform compliance from a hurdle into an opportunity. Streamline KYC/AML processes, enhance client experience, and elevate your firm’s reputation with iComply’s comprehensive solution.