Two former securities firm brokers, charged by the ICAC, were found guilty on Monday of offering gifts and bribes worth around HK$80,000 to staff from a computer company for arranging services for the duo’s clients through a computer trading program.
Lam Ching-chiu and Wong Siu-fung, both former stockbrokers of Glory Sky Global Markets Limited, were found guilty in the District Court of one count and two counts respectively of offering a benefit to an agent.
The court heard that between late 2014 and early 2015, Wong promoted a computer program, which would automatically place orders to buy or sell futures contracts to generate profits in a short period of time, to two clients of himself and Lam.
Lam, a subordinate of Wong, and the two clients then used the relevant program provided by Hong Kong Financial Engineering Company Limited. The company would charge its customers a service fee on the profits generated by the program.
In December 2014, the managing director of HK Financial Engineering asked the two defendants to pay a rebate per transaction to his staff who took care of the computer program for the duo’s clients.
The duo agreed to pay the corresponding discounts in the hope that the staff would continue to provide services to their customers. The court heard that Lam later paid around HK$70,000 to the CEO of the aforementioned company. In addition, Wong also offered cosmetics worth HK$12,500 and a mobile phone to the CEO at the latter’s request.
The ICAC investigation stemmed from a corruption complaint. HK Financial Engineering provided full assistance to the ICAC in its investigation of the matter.
The case was adjourned to September 8 for mitigation and sentencing. The duo was taken into custody.