The Market Misconduct Tribunal (MMT) has ordered Mr Jonathan Dominic Iu Wai Ching, a former responsible officer of Tarascon Capital Management (Hong Kong) Limited, to disgorge illicit profit of over $5.6 million from false trading and disqualified him for four years following legal proceedings brought by the Securities and Futures Commission (SFC).
On 22 trading days between August and September 2014, Iu placed contemporaneous orders in the shares of Sinopharm Tech Holdings Limited and Quantum Thinking Limited through the brokerage accounts of the hedge fund managed by Tarascon and of his mother, leading to opposing orders to be executed against each other.
These matched trades, which had the effect of creating a false or misleading…
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