Last week the Eastern Magistracy convicted RC Trading Education Ltd and its director, Mr Rickey Cheung Wing On of two counts of issuing unauthorised advertisements and one count of carrying on regulated activities when they do not hold a licence to do so from SFC.
SFC alleged that between June and July 2008, RC Trading advertised three courses about trading S&P500 index futures. The advertisements promoted free seminars which were followed by practical training sessions, at a cost of $2,500, or coaching sessions on day trading the S&P500 index, for a monthly fee of $7,800.
The defendants represented the coaching courses would guarantee performance or students would receive 110% of their money back (thus they issued unauthorized investment advertisements). Students who enrolled in the course received trading instructions, tips and real time advice from Cheung (thus he was advising on futures contracts), some of whom suffered losses.
When the stock and futures markets are hot, there are a lot of so-called "financial coaching" courses available to people who are keen on getting trading tips instead of learning the investment tools. This is not a healthy phenomenon. When I conduct the Chartered Wealth Manager (CWM) program, I would emphasize that this is not a course offering any investment advice or "lucky stock codes" to the participants.
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