The Eastern Magistrates’ Courts today convicted Mr Ng Ka Hei of seven counts of false trading in the shares of six Hong Kong-listed companies following a criminal prosecution by the Securities and Futures Commission (SFC) (Notes 1 and 2).  The SFC alleged that between 20 September 2022 and 24 October 2023, Ng employed a strategy commonly known as “scaffolding” by repeatedly placing and cancelling trading orders at progressively higher prices. He also used his various securiti

The Hong Kong Monetary Authority (HKMA) today (20 January) urged members of the public to be vigilant against fraudulent social media accounts impersonating the HKMA and its Chief Executive, Mr Eddie Yue. The HKMA clarified that its latest news and work priorities are only disseminated through official channels, including the official website and social media accounts (for details, please visit www.hkma.gov.hk ). Any other social media accounts or pages claiming to represent

The FCA's decision to ban Darren Antony Reynolds from working in financial services and fine him £2,037,892 has been upheld by the Upper Tribunal. The FCA's decision to ban Darren Antony Reynolds from working in financial services and fine him £2,037,892 has been upheld by the Upper Tribunal.  Mr Reynolds was dishonest when he gave pension transfer advice and investment recommendations to his customers, causing them significant harm. Mr Reynolds showed a clear disregard for h

The FCA has fined Russel Gerrity £309,843 for using inside information to net himself £128,765. As a consultant, Mr Gerrity had access to information about whether oil and gas had been discovered during the drilling of wells. Between October 2018 and January 2022, he took advantage of this and used inside information to buy shares in Chariot Oil & Gas Limited and Eco (Atlantic) Oil and Gas Plc ahead of announcements that increased their price.   On another occasion, he used i

Spain-based financial institution CaixaBank has received a EUR 30 million fine from the Anti-Money Laundering Supervisory Authority (Sepblac) over AML failings. Representing one of the most significant AML penalties imposed in Spain, the fine comes as a result of a real estate deal from nearly a decade ago, which involved the sale of a Madrid skyscraper. Under resolution BOE-A-2025-26201, a fine of EUR 17.6 million was published in the Official State Gazette (BOE) on 11 Dece

Hong Kong's Financial Secretary Paul Chan is visiting Davos, Switzerland, to participate in the World Economic Forum Annual Meeting. Since 2023, Hong Kong has issued licenses to 11 virtual asset trading platforms, he said, expecting to issue stablecoin licenses later this year.

The Eastern Magistrates’ Courts today convicted Mr Ng Ka Hei of seven counts of false trading in the shares of six Hong Kong-listed companies following a criminal prosecution by the Securities and Futures Commission (SFC) (Notes 1 and 2).  The SFC alleged that between 20 September 2022 and 24 October 2023, Ng employed a strategy commonly known as “scaffolding” by repeatedly placing and cancelling trading orders at progressively higher prices. He also used his various securiti

The Securities and Futures Commission (SFC) has obtained orders in the Court of First Instance against three former directors and senior executives of Superb Summit International Group Limited (Superb Summit), requiring the trio to pay a total of $595 million in compensation to Superb Summit for orchestrating and/or participating in fraudulent schemes to defraud the company (Notes 1 and 2). The outcome of SFC’s legal action against the trio – Mr Yang Dongjun, a shadow directo