On 3 Jul 2024, the Eastern Magistrates’ Court has convicted Mr Tse Tsun Wai of holding himself out as performing a regulated function in relation to dealing in securities without a licence from the Securities and Futures Commission (SFC). Tse pleaded guilty to the offence and was fined $4,800 and ordered to pay a sum of $50,000 as compensation to a retail investor who was a victim of the purported investment scheme. This is the first time the Court has made a compensation order in an SFO’s section 114(3) case.
Resources: https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=24PR116