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.
iComply Recruits Top Enterprise CTO, Targets Traditional Finance
iComply announced that Matt Masiar has joined our growing powerhouse team! This European-born Canadian has a rich background in financial services, software development, and entrepreneurship, and previously worked as the Dev Team Lead for Plenty of Fish in Vancouver....
Bloomberg – Canadian Regtech Company Launches Programmatic Securities Compliance
iComply is making waves this week with our blockchain-agnostic platform designed to raise industry standards to the level of what traditional institutions are typically required to adhere to. With the rise in popularity last year for ICOs, iComply’s regtech platform...
The Next Web – Why Uber’s First Developer is Investing in RegTech for Blockchain
Our team is pleased to announce that one of Uber’s founding members, Conrad Whelan, is iComplyICO’s newest angel investor. As someone incredibly passionate about innovation on a wide scale, Whelan is excited to help the iComplyICO team create a global shift in the...
