Ex-Phillip Securities executive gets Hong Kong ban
Wong Lap-Yin made unauthorised trades on a client’s account to raise the prices of shares. He has received a three-year ban.
Hong Kong’s securities regulator has banned a former executive of Phillip Securities from the city’s financial services industry for three years for using unauthorised trades on a client’s account to inflate share prices.
The Securities and Futures Commission (SFC) found that on May 30, 2012, Wong Lap-Yin placed several unauthorised bid orders for shares of China Nonferrous Metals Company (CNFM) via a client’s (client A) account.
Each order was placed at a price higher than CNFM…
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