Tarascon Asia Absolute Fund (Cayman) Limited
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.
SFC commences MMT proceedings against hedge fund manager over alleged false trading
| MMT Notice
SFC, 16-Aug-2022
Between the fund's account and his Mum's account, in 2 GEM stocks, in Aug-Sep 2014.
SFC, 16-Aug-2022
Between the fund's account and his Mum's account, in 2 GEM stocks, in Aug-Sep 2014.
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