The Securities & Futures Commission has banned Ho Lai from the securities industry for life for market manipulation and fined him $98,952 as disgorgement of his profits from manipulative activities.

Ho was convicted of market manipulation in December at Eastern Magistracy. Employed as a representative of Tang Ping Kong, he adopted a "scaffolding" strategy to manipulate markets for shares and warrants in five securities in 2006.

Ho placed 105 single board lot orders on 14 separate days creating false volatility and wild swings in the price of the five shares and warrants. The difference between the prices of his trades in one warrant represented a swing of more than 200%.

He earned a total profit of $98,952 at the expense of the investing public.