Ex-securities brokers guilty of bribery over trading programme service

Two former brokers of a securities firm, charged by the ICAC, were convicted Monday of offering gifts and bribes worth about HK$80,000 to a computer company staff for arranging services to the duo’s clients by a computer trading programme.

Lam Ching-chiu and Wong Siu-fung, both former securities brokers of Glory Sky Global Markets Limited, were respectively found guilty at the District Court of one count and two counts of offering an advantage to an agent.

The court heard that between late 2014 and early 2015, Wong promoted a computer programme, which would automatically place orders for buying or selling futures to generate profits within a short period, to two clients of himself and Lam.

Lam, a subordinate of Wong, and the two clients subsequently used the relevant programme provided by Hong Kong Financial Engineering Company Limited. The company would charge their clients service fees out of the profit generated from the programme.

In December 2014, the then chief executive officer of HK Financial Engineering asked the two defendants to pay a rebate per transaction to its staff who handled the computer programme for the duo’s clients.

The duo agreed to pay the relevant rebates in the hope that the staff would continue to provide services to their clients. The court heard that Lam subsequently paid about HK$70,000 to the CEO of the above company. In addition, Wong also offered cosmetic products worth HK$12,500 and a mobile phone to the CEO upon the latter’s solicitation.

The ICAC investigation arose from a corruption complaint. HK Financial Engineering had rendered full assistance to the ICAC during its investigation into the case.

The case was adjourned to September 8 for mitigation and sentence. The duo were remanded in custody.
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