Court Of First Instance Upholds Convictions Of Hong Kong Game Theory Association Limited And Its Sole Director Over Unlicensed Activities
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The Court of First Instance has dismissed the appeal of Hong Kong Game Theory Association Limited (Hong Kong Game Theory) and its sole director Mr Sze Ching Lok against their convictions for carrying on a business in advising on futures contracts without a licence (Note 1).
In dismissing the appeal, Deputy High Court Judge C P Pang ruled that there are no merits in any of the grounds advanced on behalf of Hong Kong Game Theory and Sze and their convictions are not unsafe nor unsatisfactory.
While the Court also dismissed Hong Kong Game Theory’s appeal on sentence, holding that a fine of $7,000 is not manifestly excessive, it allowed Sze’s appeal against his suspended imprisonment sentence and replaced it with a fine of $5,000 (Note 2).
In May 2015, the Eastern Magistrates Court convicted them following allegations by the Securities and Futures Commission (SFC) in a trial that Sze ran courses via Hong Kong Game Theory on trading in Hang Seng Index futures contracts in which real time investment advice was provided to attendees as to when and at what price to trade the futures contracts, but both Hong Kong Game Theory and Sze were not licensed to do so.
Notes:
- For further details, please see the SFC’s press release dated 11 May 2015.
- Please see the judgment (HCMA720/2015) which is available on the Judiciary’s website (www.judiciary.hk).
Source: SFC
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