Court of First Instance dismisses appeal by offender of unlicensed activity

Ms Lai Ka Yi began her two weeks’ imprisonment immediately after losing her appeal against her conviction and sentence for an unlicensed activity offence in a prosecution brought by the Securities and Futures Commission (SFC) (Notes 1 and 2).

On 30 October 2024, the Eastern Magistrates’ Court sentenced Lai to two weeks’ imprisonment and ordered her to pay a sum of $98,000 as compensation to a victim of her unlicensed activity after she was convicted of holding herself out as carrying on a business in dealing in securities without a licence from the SFC.

Lai filed notices of appeal against both conviction and sentence shortly after the ruling by the Magistrate. She had been granted bail pending her appeal and the hearing of which took place in the Court of First Instance today.

The SFC reminds the investing public to check the SFC’s Public Register of Licensed Persons and Registered Institutions on the SFC’s website (www.sfc.hk) to ensure that firms and individuals who provide dealing services in securities are properly licensed.

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Notes:

1. Lai was convicted of an offence under section 114(1)(b) and 114(8) of the Securities and Futures Ordinance after trial. Please see the SFC’s press releases dated 14 March 2024 and 30 October 2024 for further details.

2. The Court’s judgment will be available on the Judiciary’s website (Court Reference: HCMA 459/2024).