As announced on 13 Feb 2012, SFC revoked the licence of Mr Paco Ng Kar Lun, and prohibited Ng and Mr Adrian Fong Wai Lap from re-entering the industry for 10 and 3 years respectively.
These decisions follow an SFC investigation into transactions conducted by Ng and Fong in relation to allegations they were involved in trading overpriced shares of Metallurgical Corporation of China Limited in the grey market prior to its listing on SEHK on 24 Sep 2009.
Although the scheme ultimately fell through, SFC said the conduct of Ng and Fong was inconsistent with the standards of integrity and honesty expected of licensees under the Code of Conduct.
ICAC has charged both Ng and Fong jointly for conspiracy to defraud.
SFC disclosed too little information about this case. How did trading overpriced shares in the grey market harm other investors? Were Ng's and Fong's trading misbehaviors so severe to deserve their respective heavy penalties?
