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Court acquits duo of unlicensed activities

Issue date: 2023-11-20 18:08:56

The Eastern Magistrates’ Court has acquitted Mr Tony Choi Yick Man after finding him not guilty of carrying on a business in asset management without a licence from the Securities and Futures Commission (SFC).  The court also acquitted Mr Ma Yau Tim after ruling he was not guilty of aiding and abetting Choi’s unlicensed activities (Note 1).

The SFC alleged that Choi, who had never been licensed by the SFC, operated futures accounts of four individuals or entities on a discretionary basis between 2010 and 2019 in the hope of sharing profits.  Ma, a then account executive at Glory Sky Global Markets Limited who handled three of the accounts, rendered active assistance in Choi’s unlicensed activities knowing that Choi was not licensed by the SFC (Note 2).

In deciding to acquit Choi and Ma, Magistrate Miss Minnie Wat Lai Man was of the view that the prosecution had not proved beyond reasonable doubt that Choi was carrying on a business in operating the futures accounts.  Considering the evidence given by the account holders, the Magistrate was not able to rule out the possibility that Choi was operating the accounts on a voluntary basis and not for profit.

The SFC is reviewing the decision.

End

Notes:

1. Choi and Ma were charged with offences under section 114 of the Securities and Futures Ordinance.  Please see the SFC’s press release dated 8 September 2022.
2. Ma was licensed under the Securities and Futures Ordinance and was accredited to Glory Sky Global Markets Limited (now known as Nerico Brothers Limited) to carry on Type 2 (dealing in futures contracts) regulated activity during the material time.  Ma is currently not licensed by the SFC.

News captured as of:2023-11-20 18:08:56

Source: SFC