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Home»BLOCKCHAIN NEWS»HK SFC: Two former brokers sentenced to prison for false trading
BLOCKCHAIN NEWS

HK SFC: Two former brokers sentenced to prison for false trading

By Crypto FlexsMay 17, 20242 Mins Read
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HK SFC: Two former brokers sentenced to prison for false trading
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Former Hong Kong broker jailed for false trading

In a recent crackdown on illegal financial activities, two former Hong Kong brokers were each sentenced to three months in prison for false trading. The Securities and Futures Commission (SFC) announced the ruling Friday, marking another milestone in the city’s efforts to maintain fair and transparent financial markets.

details of the case

The two brokers, whose identities were not disclosed, were found guilty of creating a false or misleading representation regarding the market or pricing of derivatives contracts. These practices have resulted in a distorted market environment, causing serious harm to investors and undermining the soundness of the financial system.

The SFC investigation found that brokers used a variety of deceptive tactics to manipulate markets. This includes placing large orders without the intention of executing them, commonly known as ‘spoofing’. This practice is illegal under Hong Kong’s Securities and Futures Ordinance.

Regulatory response

The SFC has stepped up its efforts to combat market manipulation in recent years. The rulings handed down to the two brokers are seen as a clear signal of the regulator’s commitment to maintaining market integrity. It also serves as a warning to other market participants of the serious consequences that may arise if they engage in deceptive and manipulative trading practices.

Image source: Shutterstock

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