The Securities and Futures Commission (SFC) has commenced proceedings in the Market Misconduct Tribunal (MMT) against Mr Jonathan Dominic Iu Wai Ching, a responsible officer of Tarascon Capital Management (Hong Kong) Limited (Tarascon), for allegedly engaging in false trading in the shares of two Hong Kong-listed companies (Note 1).
At the material time, Iu, who was responsible for managing and making investment decision for a hedge fund, was also a director, the chief investment officer, and a substantial shareholder of Tarascon (Note 2).
The SFC alleges that Iu executed matched trades between the brokerage accounts of the hedge fund and of his mother between August and September 2014, which had the effect of creating a false or misleading appearance of active trading or of the price for dealings in the listed shares concerned.
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Notes:
The SFC instituted proceedings in the MMT against Iu for market misconduct under section 274 of the Securities and Futures Ordinance (SFO). A copy of the SFC’s Notice of the MMT proceedings is available on the MMT’s website (www.mmt.gov.hk).
Tarascon is licensed under the SFO to carry out Type 9 (asset management) regulated activity.
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