In November, the Securities & Futures Commission successfully prosecuted two companies and seven people. One of the disciplined licencees has been banned for life from the securities industry due to poor financial integrity and dishonesty.

The Commission, in the December issue of its Enforcement Reporter published today, said it has successfully prosecuted two companies and seven people for market manipulation, unlicensed investment advising, aiding and abetting the issuance of unauthorised advertisements and the conduct of unlicensed dealing, and breaches of the disclosure of interests law.

During the month, the commission disciplined eight licensees and banned one from the securities industry for life.

In other cases, the licensees were disciplined for breaching the Financial Resources Rules and late reporting of the breach, publishing false and misleading advertisements, aiding and abetting unlicensed dealing, violating the know-your-clients requirement and internal control failings.

60 successfully prosecuted since April

The commission also settled disciplinary action against a licensee who agreed to pay $40,000 to the Government. The licensee allowed a former dealer's representative of another brokerage to conduct trading at the licensee's firm without the employer's prior written consent.

Since April 1, the commission has successfully prosecuted 60 entities and withdrawn summonses issued against eight entities resulting in their acquittals, while another five were acquitted after trial.