On October 28, 2025, the Securities and Futures Commission ("SFC") suspended the license of Mr. Tang Wai Choi for seven months for his role in a suspected ramp-and-dump scheme.
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On October 28, 2025, the Securities and Futures Commission ("SFC") suspended the license of Mr. Tang Wai Choi, a former licensed representative of Shanxi Securities International Limited ("SSIL"), for a period of seven months from 28 October 2025 to 27 May 2026. This action was taken following an investigation into allegations of a ramp-and-dump scheme.
Between 10 July 2019 and 10 December 2019, Tang acted without proper authorization by logging into a client's securities account and placing 945 orders via the internet. Additionally, he neglected to maintain adequate records of the client's order instructions, which compromised the integrity of the account's audit trail.
These actions prevented SSIL from identifying the responsible party for the orders, thus impairing its ability to monitor and prevent unauthorized trading. Moreover, it exposed clients to the risk of unauthorized trading activities and potential disputes. The conduct also created an environment conducive to market misconduct by obscuring the origin of trades.
The SFC considered several factors when imposing the suspension, including Tang's disciplinary history, the nature, duration, and frequency of his misconduct, and the necessity to convey a deterrent message to the industry. Tang was licensed for Type 1 and Type 2 regulated activities and was accredited to SSIL and Shanxi Securities International Futures Limited from August 20, 2015, to April 30, 2022. Currently, he is not accredited to any licensed corporation.
Further details regarding the Statement of Disciplinary Action, which outlines the full extent of Tang's misconduct and the justification for the suspension, are available on the SFC website, last updated on October 28, 2025.
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