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Court grants orders to restrain suspected boiler rooms

Issue date: 2015-01-07 18:21:21

The Securities and Futures Commission (SFC) today obtained orders from the Court of First Instance to restrain the following entities from carrying on unlicensed activities and suspending their websites. The entities are:

• Broadspan Securities (Broadspan) using the website www.broadspansecurities.com;
• Shepherds Hill Partners, Hong Kong (Shepherds Hill) using the website www.shepherdshillhk.com; and
• Rich Futures (HK) Limited (Rich Futures) using the website www.richfutureshk.com.

The SFC alleges these entities engaged in fraudulent boiler room activities and received monies from investors.

On 19 December 2014, the SFC obtained interim injunctions in the Court of First Instance to freeze approximately $4.3 million in the bank accounts held by six entities, namely Timeprime Limited; Lynwin Limited; Resmart Limited; Fieldmark Corporation Limited; DH Corporation Limited and SMD Partnership Limited.

The SFC suspects that these bank accounts were used by Broadspan, Shepherds Hill and Rich Futures for receiving monies from investors. 

The interim orders will remain in force until the hearing of the SFC’s application for final orders against all the parties, the date of which has yet to be fixed (Note 1).

The SFC’s investigation is continuing.

End

Note:

Please see the SFC’s press release dated 19 December 2014.

 

News captured as of:2015-01-08 09:15:24

Source: SFC