HK Court fines Brilliance Capital Management Limited and its director for unlicensed activities

Maria Nikolova

The defendants will have to pay a fine of $30,000, as well as the SFC’s investigation costs.

The Eastern Magistrates’ Court today convicted Brilliance Capital Management Limited (BCM) and its director Mr Law Sai Hung in a prosecution brought by the Hong Kong Securities and Futures Commission (SFC).

The defendants were found guilty of holding out as carrying on a business in advising on corporate finance without an SFC licence. Let’s recall that BCM and Law pleaded not guilty to the charges by the SFC. They were fined a total of $30,000 and ordered to pay the SFC’s investigation costs.

On or around January 8, 2013 BCM held itself out to a company as carrying on a business in advising on corporate finance, namely advising on listing application, by entering into an Advisor Engagement Agreement whilst unlicensed.

The Court also found Law, in his capacity as an officer of BCM, aided, abetted, counselled, procured, induced BCM to hold itself out to a company as carrying on a business in advising on corporate finance or that the offence by BCM was committed with the consent, connivance of or was attributable to the recklessness of Law.

The regulator explains that, under section 114(1)(b) of the SFO, it is an offence to claim to be carrying on a business in a regulated activity without a licence from the SFC.

Under section 390 of the SFO, where the commission of an offence under the SFO by a corporation is proved to have been aided, abetted, counselled, procured or induced by, or committed with the consent or connivance of, or attributable to any recklessness on the part of, any officer of the corporation, or any person who was purporting to act in any such capacity, that person, as well as the corporation, is guilty of the offence and is liable to be proceeded against and punished accordingly.

Read this next

blockdag

BlockDAG Dashboard Update, A Step Towards Transparency Fuels FOMO in Crypto Whales, Presale Garners $32.8M Amid Retik Finance Listing

Discover why investors are choosing BlockDAG after its dashboard update and $32.8M presale, surpassing Retik Finance listing on Bitrue.

blockdag

Discover 5 Altcoins to Skyrocket Your Wealth This Cycle 🚀

The bull run of 2024 ignites fresh excitement for anyone looking to increase their wealth.

blockdag

BlastUP Presale Hits $7M; Final Days to Buy $BLP

BlastUP, the premier launchpad on Blast, has confirmed its robust utility by successfully launching its first IDOs. As its presale nears completion, it continues to garner significant attention from crypto enthusiasts. The amount of funds raised so far is approaching 7 million, and BlastUP already boasts a large and passionate community of supporters.

blockdag

BlockDAG Network: The Mobile Mining Revolutionizing Crypto Mining

A Simple Guide on How to Mine BDAG and its Benefits.

blockdag

BlockDAG’s $600M Masterplan Shocks the World: Outperforms Retik Finance After Jaw-Dropping Piccadilly Circus Spectacle

Discover how BDAG dominates the global market as Retik Finance struggles at launch, showcasing a robust $600M growth plan and securing strong investor confidence.

Education

Top Business Ide­as for Success in 2024

Looking for the best busine­ss ideas to start in 2024? Our guide will help you find promising options. We­ cover sectors like digital, we­llness, and green innovations se­t for growth next year. 

Digital Assets

Coinbase seeks to dismiss SEC lawsuit citing new crypto laws

Crypto exchange Coinbase has renewed its efforts to appeal a judge’s ruling in its ongoing case with the U.S. Securities and Exchange Commission (SEC), citing recent legislative developments in Congress.

Digital Assets

Elon Musk mourns Kabosu, Dogecoin responds with price jump

Dogecoin (DOGE) price climbed on Friday after the passing of Kabosu, the Shiba Inu who inspired the meme cryptocurrency.

Fundamental Analysis, Market News, Tech and Fundamental

Global FX Market Summary: FED, Eurozone Economic Outlook, US Dollar Index, May 24 ,2024

Despite positive US data, the Fed is likely to hold interest rates due to global slowdown concerns, lingering inflation, and internal disagreements. Markets expect potential cuts later in 2024.

<