21 Dec 2018
SECURITIES AND FUTURES COMMISSION v. AN UNKNOWN PERSON OR PERSONS PURPORTING TO CARRY ON A SECURITIES AND/OR FUTURES TRADING BUSINESS KNOWN AS CARDELL LTD AND/OR CARDELL CO LTD AND OTHERS
- Citation
- [2018] HKCFI 2814
- Court
- Court of First Instance
- Case number
- HCA2896/2015
The court found on the evidence that the 1st Defendants operated websites and conducted communications that constituted advertisements and holding out to carry on regulated activities without licence, thereby contravening s109(1) and s114(1)(b) SFO; the corporate account holders received and processed victim remittances and were knowingly involved or assisted the contraventions, enabling the court to exercise its discretion under s213(2) to grant declarations, injunctions, a restitution order (pro rata distribution of frozen funds) and appointment of an administrator because such orders are d…