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.
Trulioo: Get your ICO Ducks in a Row with iComply
We’re honoured that Trulioo asked our CEO Matthew Unger to be featured on this month’s blog! Trulioo Blog: Get your ICO Ducks in a row with iComply By: Bond Lai Unless you’ve been living under a rock, you’ve probably heard the term ICO being tossed around a lot. You...
Why The Crypto Market Has Appreciated More Than 1,200% This Year – Forbes
Matthew Unger shares his thoughts with Forbes about the “hype” of Bitcoin this year in today’s article. Why The Crypto Market Has Appreciated More Than 1,200% This Year – Forbes By: Charles Bovaird The value of the cryptocurrency market has surged this year, rising...
Raising Capital through an ICO (Initial Coin Offering) – Startup Grind
ComplyICO’s regulatory and compliance protocol was featured in yesterday’s post on Startup Grind. Raising Capital through an ICO (Initial Coin Offering) – Startup Grind By: Rich Foreman A friend of mine kept nagging me to buy Bitcoin when it was around $900. Honestly,...
