The Securities and Futures Commission (SFC) has revoked the license of Amber Hill Capital Limited (AHCL) and banned its former senior management, Neo Ng Yu and Simon Ng She Chun, from engaging in all regulated activities for life due to serious misconduct involving the misappropriation of client funds. Between October 2017 and September 2021, AHCL facilitated a scheme orchestrated by Neo Ng that led to the misappropriation of approximately US$154 million from a client of Nerico Brothers Limited (NBL). The SFC found that AHCL accepted client funds under false pretenses, claiming they were for the acquisition of “liquidity provider units” which did not exist. Additionally, AHCL provided misleading information and fabricated documents to auditors and administrators regarding the Sub-fund’s financial position. The SFC determined that both Neo and Simon Ng played pivotal roles in these dishonest activities, severely undermining market integrity and resulting in significant client losses.
Resources: https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=25PR133
