Hong Kong Case Law: Decisions & Judgments

Topic

Restitutionary orders

Legal area

Court

7 Jun 2022

SECURITIES AND FUTURES COMMISSION v. MAXIM CAPITAL LTD AND ANOTHER

Citation

[2022] HKCFI 1518
Court

Court of First Instance
Case number

HCA2482/2015

The defendants, by representations on websites, social media, seminars and promotional materials, held themselves out as prepared to carry on Type 9 (asset management) and Type 1 (dealing in securities) regulated activities while unlicensed, in contravention of ss.109(1) and 114(1)(b) of the SFO; Maxim Capital, by maintaining and using the Maxim Capital Account to receive and handle investor funds, was an accessory (aiding/abetting/knowingly involved); accordingly the Court (applying s.213 and established authority) granted declarations, injunctions, a freezing order of the identified account…
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…
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…

Hong Kong Case Law

SECURITIES AND FUTURES COMMISSION v. MAXIM CAPITAL LTD AND ANOTHER

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 CARDELL LTD AND/OR CARDELL CO LTD AND OTHERS