On March 20, 2025, the Securities and Futures Commission ("SFC") suspended finfluencer Franky Wong for 16 months due to his criminal conviction for providing unlicensed investment advice. The suspension is part of the SFC's effort to protect investors from unlicensed finfluencers.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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On March 20, 2025, the Securities and Futures Commission ("SFC") imposed a 16-month suspension on Mr. Wong Ming Chung, known professionally as Franky Wong and a licensed representative of Tse’s Securities Limited ("TSL"), effective from 19 March 2025 to 18 July 2026. This suspension is a direct consequence of his criminal conviction for offering unlicensed investment advice through a subscription-based Telegram chat group (Notes 1 to 4).
Mr. Wong was licensed under the Securities and Futures Ordinance ("SFO") to engage in Type 1 (dealing in securities) and Type 4 (advising on securities) regulated activities. He had been accredited to TSL as a licensed representative since August 20, 2010. However, his activities on the Telegram chat group, conducted in his personal capacity from January 2, 2018, to May 21, 2019, resulted in the SFC finding him unfit to continue licensed activities due to his criminal conviction.
On June 20, 2024, the Eastern Magistrates’ Court convicted Mr. Wong for conducting an unlicensed business of advising on securities following his guilty plea. He was fined $10,000 and ordered to pay the SFC’s investigation costs (refer to the SFC's press release dated June 20, 2024).
The SFC's Executive Director of Enforcement, Mr. Christopher Wilson, underscored the importance of investors maintaining vigilance and exercising caution when relying on investment-related content provided by finfluencers. Some finfluencers operating online platforms may engage in regulated activities without the necessary license. Therefore, investors should verify the licensing status of individuals and firms offering investment advice before taking action.
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