The Eastern Magistrates’ Court in Hong Kong has issued sentences for two individuals involved in market manipulation, resulting in community service obligations. One individual has been sentenced to 240 hours, while the other is required to complete 160 hours of community service. Both were found guilty of conspiracy to engage in false trading activities related to the shares of Pa Shun International Holdings Limited, and the timeframe for their offenses spanned from April 9, 2017, to March 7, 2018. Additionally, one defendant faced a charge for failing to notify The Stock Exchange of Hong Kong about changes in his interest in these shares on eight occasions from June 2, 2017, until March 14, 2018.
During the sentencing, Deputy Magistrate Mr. Chu Chung Keung highlighted the seriousness of the crimes committed. The court had initially considered imposing prison terms but ultimately opted for community service based on mitigating factors, reports from probation officers, and the guilty pleas entered by the defendants. The Court also mandated that the individuals pay for the investigation costs incurred by the Securities and Futures Commission (SFC).
The SFC’s Executive Director of Enforcement emphasized that community service is a significant consequence and serves to hold offenders accountable for their actions. This case illustrates the court’s commitment to addressing market manipulation through stringent measures.