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.
Reviewing the Travel Rule for Virtual Assets: What You Need to Know
With virtual assets and decentralized financial exchanges continuing to make headlines in 2022, many countries are aiming to implement more compliance advancements in the coming years. Reviewing the Financial Action Task Force (FATF) Travel Rule and related virtual...
Protect and Streamline Your Business with iComply’s EDD and KYC Software
Does your organization have adequate safeguards in place to circumvent fraud and uphold evolving money laundering legislation? Know Your Customer (KYC) and Customer Due Diligence (CDD) protocols are essential to avoid unnecessary risks and stay compliant with...
Corporate Due Diligence: Putting the KYB in KYC
Do you know who you’re doing business with? Corporate due diligence, Know Your Business (KYB), and Know Your Customer (KYC) protocols are essential safeguards against money laundering, fraud, and misappropriation of funds for criminal purposes. From onboarding new...
