Hong Kong Case Law: Decisions & Judgments

Topic

Boiler room fraud

Legal area

Court

12 May 2021

SECURITIES AND FUTURES COMMISSION v. AN UNKNOWN PERSON OR PERSONS PURPORTING TO CARRY ON A SECURITIES AND/OR FUTURES TRADING BUSINESS KNOWN AS SHEPHERDS HILL PARTNERS AND USING THE WEBSITE WWW.SHEPHERDSHILLHK.COM AND OTHERS

Citation

[2021] HKCFI 1444
Court

Court of First Instance
Case number

HCA2512/2014

On the pleaded facts and in the absence of any defence or contest, the Court was satisfied that the websites and associated conduct amounted to holding out as licensed providers and to fraudulent/deceptive devices employed in transactions involving securities and futures (contravening ss.109,114,300 SFO); substituted service was adequate and justice required declaratory, injunctive, freezing and restitutionary relief under s.213 SFO including appointment of administrators to distribute frozen funds pro rata to victims; corporate defendants who facilitated receipt and dispersal of investor fun…
12 May 2021

SECURITIES AND FUTURES COMMISSION v. AN UNKNOWN PERSON OR PERSONS PURPORTING TO CARRY ON A SECURITIES AND/OR FUTURES TRADING BUSINESS KNOWN AS BROADSPAN SECURITIES AND USING THE WEBSITE WWW.BROADSPANSECURITIES.COM AND OTHERS

Citation

[2021] HKCFI 1444
Court

Court of First Instance
Case number

HCA2511/2014

On the pleadings the SFC established a clear and compelling case that the 1st Defendants held themselves out as carrying on regulated securities and futures activities while unlicensed (breaching s.109 and s.114) and employed fraudulent or deceptive schemes in relation to transactions (breaching s.300); the corporate defendants knowingly facilitated receipt and disposition of victims' funds and were therefore liable to orders under s.213. The court, satisfied substituted service was adequate and that justice required relief without trial, granted declarations, injunctions, freezing orders, ap…
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…
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 DOYLE HUTTON ASSOCIATES AND ANOTHER

Citation

[2018] HKCFI 2814
Court

Court of First Instance
Case number

HCA2898/2015

Evidence established that the 1st Defendants issued electronic advertisements and held themselves out as carrying on regulated activities without licences (contravening s 109(1) and s 114(1)(b)), and the account‑holding companies received and handled the proceeds such that they aided, abetted or were knowingly involved; accordingly the court, applying the broad discretionary remedial power in s 213 and having satisfied the desirability and fairness requirements, made declarations and granted injunctions, freezing and restitution orders and appointed an administrator with consequential directi…

Hong Kong Case Law

SECURITIES AND FUTURES COMMISSION v. AN UNKNOWN PERSON OR PERSONS PURPORTING TO CARRY ON A SECURITIES AND/OR FUTURES TRADING BUSINESS KNOWN AS SHEPHERDS HILL PARTNERS AND USING THE WEBSITE WWW.SHEPHERDSHILLHK.COM AND OTHERS

SECURITIES AND FUTURES COMMISSION v. AN UNKNOWN PERSON OR PERSONS PURPORTING TO CARRY ON A SECURITIES AND/OR FUTURES TRADING BUSINESS KNOWN AS BROADSPAN SECURITIES AND USING THE WEBSITE WWW.BROADSPANSECURITIES.COM AND OTHERS

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

SECURITIES AND FUTURES COMMISSION v. AN UNKNOWN PERSON OR PERSONS PURPORTING TO CARRY ON A SECURITIES AND/OR FUTURES TRADING BUSINESS KNOWN AS DOYLE HUTTON ASSOCIATES AND ANOTHER