Former Responsible Officer Convicted And Fined For Illegal Short Selling
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The Eastern Magistrates’ Court has convicted Mr Sammy Shiu Kin Keung after he pleaded guilty to illegal short selling in the shares of Share Economy Group Limited (formerly known as Vitop Bioenergy Holdings Limited) , Global Tech (Holdings) Limited and China Ocean Industry Group Limited (formerly known as China Ocean Shipbuilding Industry Group Limited) on 14 occasions.
Shiu was fined a total of $35,000 and was ordered to pay the Securities and Futures Commission’s (SFC) investigation costs.
In April and May 2014, Shiu placed orders to sell shares of the three companies through his personal trading account at China Rise Securities Asset Management Company Limited when he did not have sufficient quantities of the shares to sell. Shiu later bought back shares to cover some of his short sales and in doing so, made a profit of approximately $22,500.
By short selling the shares, Shiu was in contravention of section 170 of the Securities and Futures Ordinance (SFO) (Note 2).
Notes:
- During the material times, Shiu was the chief executive officer and a responsible officer of China Rise Securities Asset Management Company Limited. Shiu currently does not hold a licence with the SFC.
- Section 170(1) of the SFO prohibits the sale of securities when the person does not have a presently exercisable and unconditional right to sell them.
Source: SFC
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