Tam Kwok Pui pleaded guilty and was fined HK$10,000 ($1288) for the offence, which was a violation of Hong Kong’s Securities and Futures Ordinance. The court also ordered him to pay the SFC’s investigation costs.
Tam recruited a client through an investment seminar he had organised and provided the client with asset management services, which included managing a portfolio of securities and futures contracts for the client.
The activity took place between 1 March 2011 and 31 August 2012, while Tam was unlicensed, according to an investigation by the SFC.
“The services he provided required him to satisfy the SFC that he was fit, proper and competent in asset management. He never sought SFC’s approval and so was not authorised to provide these services,” the regulator said in a statement.
