HK SFC Suspends Two Licensed Representatives Over Ramp-and-Dump Investigation

Hong Kong's Securities and Futures Commission (SFC) has taken disciplinary action against two licensed representatives following an investigation into a suspected ramp-and-dump scheme, suspending their licences for a combined period of more than three years.

The SFC announced that Ms Choi Sau Wai, a former licensed representative of Glory Sun Securities Limited, has been suspended for seven months from 23 January 2026 to 22 August 2026. The regulator found that between October 2019 and January 2022, Choi knowingly allowed an account executive from another brokerage firm to operate and conduct personal trades in a client's securities account without the required written authorisations.

During the period, the account executive—who was a relative of the client—carried out approximately 1,300 securities transactions with a total value of HK$670 million. These trades were not disclosed to his employer, in breach of internal policies and the SFC's Code of Conduct. The SFC said Choi's actions exposed both the client and her firm to potential risks and liabilities.

In a separate but related action, the SFC suspended Mr Wong Chi Fai, formerly of Fulbright Securities Limited and Fulbright Futures Limited, for 27 months from 23 January 2026 to 22 April 2028.

The regulator found that Wong had conducted the same 1,300 transactions through a securities account held in the name of a relative at another brokerage firm, without disclosing his beneficial interest or personal trading activities. He also made false declarations to his employer stating that he had no such external accounts.

The SFC further determined that between 2015 and 2018, Wong conducted around 10,000 personal trades worth approximately HK$2.8 billion through a relative's account at Open Securities Limited, again without approval and supported by repeated false declarations.

The SFC said Wong's conduct was willful and dishonest, undermining his fitness and properness as a licensed person. In determining sanctions, the regulator considered the duration and scale of the misconduct, as well as both individuals' cooperation and otherwise clean disciplinary records.