The Securities and Futures Commission (SFC) of Hong Kong has prohibited Mr Wu Chao, a former responsible officer, manager-in-charge (MIC) and chief operations officer of DA International Financial Service Limited, from re-entering the industry for three years and seven months.
The penalty is effective from 26 June 2024 to 25 January 2028.
The disciplinary action follows an SFC investigation, which found that between February and April in 2022, Wu concealed from DA his beneficial interest in and that he had direct control or influence over a securities margin account held by a third party at DA. He also failed to obtain DA’s approval for the securities transactions conducted by him in the account.
By doing so, Wu’s conduct circumvented DA’s employee dealing policy and prevented it from monitoring his personal trading activities….
Read More
