ETH - Investor Convicted For Unlicensed Investment Advice In Paid Telegram Group | Benzinga
A Hong Kong court has convicted a man for providing paid investment advice in a Telegram group without proper licensing.
What Happened: Mingtung Wong, a licensed representative with the Hong Kong Securities and Futures Commission (SFC), was found guilty of acting beyond his professional affiliations’ scope.
The Eastern Magistrates’ Court ruling, initiated by the SFC, revealed that Wong managed a subscription-based Telegram group named “FRANKY – Real-time Live Hub” from January 2018 to May 2019.
Although Wong held a license to conduct regulated activities, his authorization was restricted to his affiliated companies.
Operating the Telegram group independently breached SFC regulations, leading to his conviction.
Wong admitted to the charges and received a HKD 10,000 fine.
He was also ordered to cover the investigation costs incurred by the SFC.
The court emphasized that Wong’s activities, conducted in a personal capacity, violated the Securities and Futures Ordinance, which mandates proper licensing ...