The Hong Kong Securities and Futures Commission has prohibited Law Man Wai, a former licensed representative of Cinda International Securities Limited, from re-entering the industry for three years from 19 June 2025 to 18 June 2028 after finding he used accounts held by his sister and a friend to conduct personal trading. Between March and September 2023, Law executed 109 matched or wash trades in nine stocks using his sister’s and friend’s accounts and his own personal account at Cinda International Securities. The SFC found the trades were carried out to avoid forced liquidation due to potential margin calls, and that Law concealed his beneficial interests and personal trading in breach of the firm’s staff dealing policy, including by using the firm’s recorded telephone line and submitting order records signed by the account holders to create the impression the orders originated from them. He also impersonated his friend to place orders at another brokerage. The SFC characterised the conduct as dishonest and raising serious fitness and properness concerns, while noting insufficient evidence of manipulative intent and an otherwise clean disciplinary record.
Hong Kong Securities & Futures Commission 2025-06-19
Hong Kong Securities and Futures Commission bans former Cinda International Securities representative Law Man Wai for three years over wash and matched trades using third-party accounts
The Hong Kong Securities and Futures Commission has banned Law Man Wai, a former representative of Cinda International Securities Limited, from the industry for three years due to personal trading misconduct. Law used accounts held by his sister and a friend to execute 109 matched or wash trades, concealing his interests and breaching the firm's policies. The SFC cited his actions as dishonest, raising concerns about his fitness and properness, despite no evidence of manipulative intent.