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The Securities & Futures Commission has banned the former JP Morgan Broking (Hong Kong) Limited licensed representative Justin Ho from re-entering the industry for four months, to April 27.
Ho failed to act with due care and diligence, in the best interests of his clients and in the integrity of the market, the commission said.
Ho was a JP Morgan equity sales department staff member. In March 2006, after he was "wall crossed" - temporarily made privy to inside information - by his employer in relation to a listed company, Ho disclosed information about the listed company to his colleagues without his employer's authorisation, and continued to recommend the listed company to his clients.
Although there was no trading based on this information, if there had been, it would have been illegal insider dealing, a much more serious contravention, the commission's Executive Director of Enforcement Mark Steward said. He added this kind of undisciplined approach to confidential information is well below Hong Kong's market standards.
In making the decision, the commission accepted Ho did not act dishonestly or obtain any financial benefit from his conduct, and took into account Ho's clear disciplinary record, his frank admissions - and the fact that Ho's conduct did not actually result in any insider dealing activities by himself or others.
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