Court convicted and fined Ben Ngai Ping Kuen for unlicensed activity


Mr. Ben Ngai Ping Kuen was found guilty by the Eastern Magistrates’ Court for falsely presenting himself as a regulated securities dealer without a license from the Securities and Futures Commission (SFC). Ngai admitted his guilt and received a fine of $6,000, as well as an order to pay the SFC’s investigation costs. From April 2016 to June 2017, Ngai convinced three retail investors to invest in “US-listed” shares issued by First Asia Holdings Limited, promising them a 100% increase in the value of their investment in FAH shares if the secondary listing in Hong Kong was successful. He also advised them to exchange their FAH shares for shares in a Hong Kong-listed corporation, PF Group Holdings Limited (PF), if they wanted to realize their investment return. However, by the time the investors received their PF shares, the price had significantly fallen. The SFC has urged investors to verify the licenses of firms and individuals who provide securities dealing services before investing.



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