Hong Kong's Eastern Magistrates’ Court has convicted Mr Chiu Sing Ho of making false or misleading representations in his two licence applications to the Securities and Futures Commission.

Chiu was fined $10,000 and ordered to pay the SFC’s investigation costs after pleading guilty. The SFC found that, in November 2012 and again in December 2014, Chiu did not disclose to the SFC his previous criminal conviction in two licence applications. It added that it expects applicants to make full and accurate disclosure of all information required in a licence application. Failure of applicants to do so might affect their fitness and propritety regarding licensed business.

Pursuant to section 383 Securities and Futures Ordinance, applicants are required to disclose all prior criminal convictions, including those to which the Rehabilitation of Offenders Ordinance (Cap 297) applies, i.e. spent convictions.