HONG KONG - Two Chinese fraudsters have pleaded guilty to insider-trading charges in Hong Kong. Allen Lam, previously of investment firm CLSA, and Ryan Fong, formerly of HSZ, both admitted to market abuse charges. The scam, which resulted in the sale of shares in Media Partners International Holdings, relied on Lam informing Fong that a buyer would be purchasing a controlling stake in the media firm, a deal for which Lam was acting in the role of financial adviser at CLSA. Fong used the information to buy shares in the firm for himself and a fund at HSZ that he subsequently sold, making a profit of $435,000. The conviction is the eighth attained by Hong Kong's Securities and Futures Commission in the past year in a clampdown on market abuse.
More on Regulation
Dealers must simplify if there is "no coherent rationale" to structures
Scrapping of test means investor status will not tip offshore funds into Dodd-Frank regime
Minenna of Italy's market regulator warns of serious unintended consequences
Vickers "surprised" by bank's loss of enthusiasm given its support in 2012
Sign up for Risk.net email alerts
Sponsored video: Elseware
Oxford professor David Vines argues that the carrot is as important as the stick
Sponsored webinar: IBM
Watch highlights of this year's London conference
There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.