Hong Kong's Securities and Futures Commission (SFC) has banned former licensed representatives of Nerico Brothers Limited, Lam Ching Chiu and Wong Siu Fung, from re-entering the industry within five years.。The ban, which runs from February 6, 2024 to February 5, 2029, was imposed after Lin and Huang were found guilty of bribery.。

Lam and Wong were found guilty at the District Court in August 2022 of paying bribes to the then chief executive of Hong Kong Financial Engineering Limited (HKFECL) in connection with the use of a computer algorithm program used in futures trading.。The CEO was the developer of the trading program and was responsible for its operation, while Lin and Huang and their clients used the program to invest in futures contracts from late 2014 to early 2015.。

Around December 2014 or January 2015, in addition to the service fees charged by Hong Kong Financial Futures Limited, the CEO asked Lam and Wong to pay a commission on each profitable transaction as a reward for their employees who assisted in the operation of the trading process.。

Lin subsequently paid the CEO $60,000 to $70,000.。Wong also gave him a mobile phone and $12,500 worth of cosmetics in December 2014 at his request, out of a desire to maintain a good relationship with the CEO.。

Neither Lin nor Huang verified whether the above practices were known to or acceptable to HKFECL before paying the CEO or presenting the gift。

In determining the sanctions, the SFC considered that Lam and Wong were not fit and proper persons to be licensed to carry out regulated activities because they had been convicted of criminal offences.。