On March 24, 2026, the SFC banned Lui Pak Tong for life and fined him $17.43 million for misconduct involving unauthorized loans and conflicts of interest while employed at Thunder Capital Limited.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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On March 24, 2026, the Securities and Futures Commission ("SFC") imposed a lifetime prohibition order on Mr. Lui Pak Tong (Patrick Lui), a former licensed representative of Thunder Capital Limited, barring him from re-entry into the securities industry. Additionally, the SFC levied a penalty of $17.43 million, disgorging the full amount of illicit profit derived from his misconduct.
Regulatory Sanctions and Prohibition
Between September 2017 and June 2020, while acting as Thunder’s investment analyst, Mr. Lui caused a segregated portfolio of a Thunder-managed fund to extend five unsecured loans totaling $22.5 million to a company under his control. He failed to disclose these conflicts of interest to Thunder’s Investment Committee and neglected his duty to ensure fair treatment of the Fund and its investors.
Breach of Conduct and Fitness Determination
Investigations revealed that Mr. Lui, with associates, established Thunder, the Fund, and the borrowing company, maintaining effective control over all three entities. Proceeds were transferred to himself or connected persons, including his wife, resulting in the Fund receiving only $5.07 million in interest while Lui and associates retained $17.43 million. The SFC characterized Mr. Lui’s conduct as wilful and dishonest, calling into question his fitness and properness for licensing. This behavior breached the Code of Conduct and the Fund Manager Code of Conduct. Sanctions were determined considering he exploited investors for $17.43 million profit, and exclusion is necessary to safeguard the public and market integrity.
Licensing and Corporate Status
Mr. Lui was accredited to Thunder for Type 1, 4, and 9 regulated activities between 25 July 2017 and 31 August 2020, though not directly licensed by the SFC. Thunder changed its name to Yupei Fortune Capital Limited in February 2021, and its SFC licence was revoked on 31 July 2024. The Statement of Disciplinary Action is available on the SFC website, last updated on 24 March 2026.
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