Hong Kong SFC Issues Restriction Notices to 4 Brokers Prohibiting Dealing or Processing $11.6 Million Assets in Client Accounts for Suspected Market Manipulation or Fraud with Unauthorized Online Trades Placed via Hacked Accounts in 2024 October & November, 4 Brokers are Interactive Brokers, SBI China Capital Financial Services, Monmonkey Group Securities & Soochow Securities International Brokerage
26th November 2024 | Hong Kong
The Hong Kong Securities & Futures Commission (SFC) has issued restriction notices to 4 brokers prohibiting dealing or processing $11.6 million (HK 91 million) assets in client accounts for suspected market manipulation or fraud with unauthorized online trades placed via hacked accounts in 2024 October & November. The 4 brokers are Interactive Brokers, SBI China Capital Financial Services, Monmonkey Group Securities & Soochow Securities International Brokerage. Hong Kong SFC (21/11/24): “The Securities and Futures Commission (SFC) has issued restriction notices to four brokers, prohibiting them from dealing with or processing certain assets held in their client accounts for suspected market manipulation or fraud involving unauthorised online trades placed through hacked accounts between 24 October and 6 November 2024 (Note 1). The four brokers are: Interactive Brokers Hong Kong Limited (IBHK); SBI China Capital Financial Services Limited (SBI); Monmonkey Group Securities Limited (Monmonkey); and Soochow Securities International Brokerage Limited (Soochow) (Note 2). The restriction notices prohibit the four brokers, without the SFC’s prior written consent, from disposing of or dealing with, assisting, counselling or procuring another person to dispose of or deal with certain assets in any way in the accounts up to a total of $91 million. They are also required to notify the SFC if they receive any instructions regarding the aforesaid prohibitions. The SFC considers that the issue of the restriction notices is desirable in the interest of the investing public or in the public interest whilst its investigation is underway. The SFC acknowledges the assistance provided by the Cyber Security and Technology Crime Bureau and Commercial Crime Bureau of the Hong Kong Police Force.”
“ Hong Kong SFC Issues Restriction Notices to 4 Brokers Prohibiting Dealing or Processing $11.6 Million Assets in Client Accounts for Suspected Market Manipulation or Fraud with Unauthorized Online Trades Placed via Hacked Accounts in 2024 October & November, 4 Brokers are Interactive Brokers, SBI China Capital Financial Services, Monmonkey Group Securities & Soochow Securities International Brokerage “
Notes:
- The SFC issued the restriction notices under sections 204 and 205 of the Securities and Futures Ordinance (SFO).
- IBHK and SBI are corporations licensed under the SFO to carry on Types 1 to 3 regulated activities and Types 1, 4 and 9 regulated activities respectively. Both Monmonkey and Soochow are corporations licensed under the SFO to carry on Types 1 and 4 regulated activities.
Hong Kong SFC Issues Restriction Notices to 4 Brokers Prohibiting Dealing or Processing $11.6 Million Assets in Client Accounts for Suspected Market Manipulation or Fraud with Unauthorized Online Trades Placed via Hacked Accounts in 2024 October & November, 4 Brokers are Interactive Brokers, SBI China Capital Financial Services, Monmonkey Group Securities & Soochow Securities International Brokerage
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