Jack Fong & Co. 方聲澤律師行
Hedge fund manager Jonathan Iu ordered to disgorge HK$5.6m profit from false trading, disqualified for 4 years
| MMT report
SFC, 3-Jul-2024
Not in the press release: the profit was in his Mum's account, with no evidence that it flowed back to Mr Iu. The SFC submitted that the MMT could not order disgorgement against Iu as this would be a criminal penalty in a civil case, but MMT Chair Ian McWalters ruled that the law allows it. Iu is now in the UK and claims poverty, so will likely never pay. The MMT is highly critical of the nearly 10-year timeframe for concluding the case, and lays out the internal procedure in detail.
SFC, 3-Jul-2024
Not in the press release: the profit was in his Mum's account, with no evidence that it flowed back to Mr Iu. The SFC submitted that the MMT could not order disgorgement against Iu as this would be a criminal penalty in a civil case, but MMT Chair Ian McWalters ruled that the law allows it. Iu is now in the UK and claims poverty, so will likely never pay. The MMT is highly critical of the nearly 10-year timeframe for concluding the case, and lays out the internal procedure in detail.
Sign up for our free newsletter
Recommend Webb-site to a friend
Copyright & disclaimer, Privacy policy