📣 CSFC Convicts Telegram Admin for Unauthorized Financial Advice
posted 21 Jun 2024
A Chinese court has found Wong Ming-Chung, the administrator of a financial Telegram chat group offering paid subscriptions, guilty of providing investment advice without the necessary license over several years. The investigation and subsequent lawsuit were led by the China Securities and Futures Commission (CSFC).
Wong published detailed analytical reviews tracking the price movements of various indices, stocks, and precious metals listed on the Hong Kong stock exchange. He also actively interacted with his subscribers, responding to nearly any query related to potential investments or trading activities.
It is crucial to note that although Wong held a CSFC license, it was valid only within his employment company and did not allow him to provide services privately. He fully acknowledged his wrongdoing, was fined $10,000, and is also required to cover all expenses incurred by the Commission in conducting this investigation.
After the sentencing, the CSFC issued a reminder to all investors about the existence of a public registry, which lists individuals and organizations authorized to provide securities consultancy. This reminder comes at a critical time, especially for Chinese investors, given the recent launch of Bitcoin ETFs in Hong Kong.
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