The Securities and Futures Commission (SFC) has banned Mr. Tong Ho Yin, a former responsible officer of HF Asset Management Limited (HFAM), from returning to the financial industry for nine years and imposed a fine of $350,000 following his failure to act in the best interests of a managed fund and to manage conflicts of interest during loan and stock lending agreements on three occasions between May 2017 and December 2018. These failures led to significant financial losses of $25.6 million, representing 86% of the fund’s net asset value. The SFC attributed these recurrent issues to Tong’s neglect of his responsibilities as a senior management member and RO.
Resources: https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=25PR113
