Hong Kong ICAC Charges Two Securities Brokers with Bribery

The Independent Commission Against Corruption (ICAC), Hong Kong's dedicated anti-corruption agency, has charged two securities brokers with bribery for accepting a huge sum of commissions to arrange for their clients to use a futures trading programme provided by a software company. 

Lam Ching-chiu and Wong Siu-fung, both securities brokers and licensed agents of Glory Sky Global Markets, are charged for accepting bribes and gifts totalling over HKD 197,000 for arranging for Glory Sky clients to use a futures trading programme provided by Hong Kong Financial Engineering Company Limited. HK Financial Engineering provided securities account management service via a software programme which automatically placed futures orders to generate profits within a short period of time. Service fees were charged to users out of the profit generated.

From November 2014 to February 2015, Lam and Wong conspired with the then CEO of HK Financial Engineering for Wong to accept commissions totalling over HKD 125,500 in rewards for arranging for two Glory Sky clients to use the futures trading programme.

Lam faces a separate charge for offering HKD 60,000 to HKD 70,000 to staff members of HK Financial Engineering for them to assist and arrange for services to be provided to his clients.

Wong faces two separate charges for offering cosmetic products worth HKD 12,500 and a mobile phone to the CEO of HK Financial Engineering for assistance to provide services to Wong's clients.