The Hong Kong Securities and Futures Commission suspended the licence of Wong Chi Fai, a former licensed representative of Fulbright Securities Limited and Fulbright Futures Limited, for 27 months from 23 January 2026 to 22 April 2028 after finding he concealed personal trading conducted through securities accounts held in a relative’s name and repeatedly made false declarations to his employers. The misconduct was identified during an investigation into a suspected ramp-and-dump scheme. Between October 2019 and January 2022, Wong carried out about 1,300 securities transactions with an aggregate value of $670 million via a relative’s account at another brokerage firm, failing to disclose his beneficial interest and falsely declaring to Fulbright that he had no external securities accounts. Separately, while employed at Open Securities Limited between 1 January 2015 and 31 December 2018, he executed about 10,000 personal trades with an aggregate value of $2.8 billion through a relative’s account without required approval and made false declarations to conceal his interest in and control over the account between May 2011 and December 2018. The SFC concluded the conduct was willful and dishonest and took into account the near 10-year duration of the breaches, the volume of day trading and short-term margin trading involved, Wong’s cooperation, and his otherwise clean disciplinary record.
Hong Kong Securities & Futures Commission 2026-01-26
Hong Kong Securities and Futures Commission suspends Wong Chi Fai for 27 months over undisclosed personal trading and false declarations
The Hong Kong Securities and Futures Commission suspended Wong Chi Fai's licence for 27 months due to concealing personal trading through a relative's account and making false declarations to employers, involving transactions valued at $670 million and $2.8 billion across two firms. The SFC cited willful and dishonest conduct over nearly a decade, considering the volume of trades, Wong's cooperation, and his clean disciplinary record.