The Securities and Exchange Commission announced a ban on Yao Weicheng, the former head of Wealth Management (Hong Kong), from re-entering the industry for 15 years, considering that he was not the right choice to be licensed.

The Securities and Exchange Commission pointed out that the above disciplinary action stemmed from an earlier ruling by the Market Misconduct Tribunal. Mr. Yao Weicheng, as a former head of Wealth Management, was found by the Tribunal to have engaged in market misconduct due to his mishandling of shares in Ko Pharmaceutical Technology (08156.HK) and Quantum Thinking (08050.HK) Fake trading. He made a $5.6 million profit on his mother's brokerage account through the brokerage account of a hedge fund managed by Chevy and his mother's brokerage account, damaging the hedge fund's interests.

In determining the above sanctions, the SEC took into account all relevant circumstances, including that Yao Weicheng engaged in manipulating his mother for more than two months in order to obtain illegal gains, was a serious and dishonest act; that he violated the trust and trust of his clients in him; and that he had to transmit strong resistance to the market Scare messages to prevent other practitioners from doing similar things in the future. (vc/u)

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