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…
- Boiler room fraud
- Unlicensed advertising of regulated activities (s.109 sfo)
- Carrying on regulated business unlicensed (s.114 sfo)
- Fraudulent devices in transactions (s.300 sfo)
- S.213 discretionary remedies (injunctions, freezing, administrators)
- Default judgment practice (o.19 r.7)