The Securities and Futures Commission (SFC) of Hong Kong has banned Mr Ng Ka Shun, responsible officer (RO) of Agg. Asset Management Limited, for life and fined him $1.7 million for window-dressing Agg’s financial resources and mismanaging two funds.
The SFC found that Ng began window-dressing Agg’s financial resources when the firm submitted its licence application. He misled the SFC into believing that Agg had satisfied the financial requirements for a licence by window-dressing the firm’s liquid capital as of 31 March 2017.
After obtaining a licence for Agg, Ng continued to perpetuate the facade that Agg had sufficient liquid capital from May 2017 to February 2020 by providing false or misleading information in the financial returns submitted to the SFC to mask its inability to maintain the required liquid capital of $3 million for…
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