10 May 2022
SECURITIES AND FUTURES COMMISSION v. DFRF ENTERPRISES LLC AND OTHERS
- Citation
- [2022] HKCFI 1288
- Court
- Court of First Instance
- Case number
- HCA2189/2016
On the evidence (uncontested by defendants) the court found that DFRF and its principal orchestrated a fraudulent membership scheme and repeatedly advised Hong Kong members to convert membership units into preferred shares while unlicensed, issued advertisements and invitations to the public and made fraudulent misrepresentations in breach of SFO ss.114(1), 109(1), 103(1) and 107(1); D4 and D5 knowingly assisted by permitting investor funds into their Hong Kong bank accounts. Consequently the court granted the SFC's application under s.213 for declarations, prohibitory injunctions, restitutio…