The Hong Kong Securities and Futures Commission (SFC) has suspended Ms Choi Sau Wai, a former licensed representative of Glory Sun Securities Limited, for seven months from 23 January 2026 to 22 August 2026 after finding she facilitated the unauthorised operation of a client’s securities account as part of an investigation into a suspected ramp-and-dump scheme. Between October 2019 and January 2022, Choi knowingly allowed an account executive at another brokerage firm to operate the client’s account and conduct personal trades without the client’s written authorisation and without written consent from the account executive’s employer, breaching internal policies and the SFC Code of Conduct. The account executive, a relative of the client, carried out around 1,300 securities transactions with an aggregate value of $670 million in the account without disclosing them to his employer, exposing the client to potential losses and the firm to potential liability and preventing the firm from discharging its Code of Conduct obligations. In determining the sanction, the SFC took into account that the breaches enabled circumvention of the account executive’s employer controls, Choi’s cooperation and her otherwise clean disciplinary record, and noted it has separately suspended the account executive, Wong Chi Fai, for 27 months.
Hong Kong Securities & Futures Commission 2026-01-26
Hong Kong Securities and Futures Commission suspends Choi Sau Wai for seven months for facilitating unauthorised trading in a client account
The Hong Kong Securities and Futures Commission suspended Ms. Choi Sau Wai for seven months for facilitating unauthorized operations of a client’s securities account linked to a suspected ramp-and-dump scheme. The investigation revealed breaches of internal policies and the SFC Code of Conduct, with the account executive conducting 1,300 transactions worth $670 million without proper authorization, leading to potential client losses and firm liability.