SFAT Decision in relation to Mr Hung Chi Wah

On 9 March the SFC reported that the Securities and Futures Appeals Tribunal (SFAT) had affirmed its decision to ban Mr Hung Chi Wah from re-entering the industry for life.

In May 2009 the SFC decided to ban Hung from the industry for life for breaching General Principle 1 of the Code of Conduct after finding he had fraudulently persuaded a client to invest and defrauded other clients using fabricated IPO subscriptions. Hung appealed to the SFAT.

The SFAT appeal was heard before The Honourable Mr Justice Saunders on 5 March 2010.

The SFAT affirmed the SFC's decision and stated that Hung's appeal was "utterly devoid of any merit whatsoever" and that "the investing public deserves to be fully protected from people like Mr Hung and the only way that can be done is to ensure that he should never enter this industry again."

For more details please see Hung SFAT Decision