Hong Kong Game Theory Association Limited (Hong Kong Game Theory) and Mr Sze Ching Lok, its sole director and shareholder, lost an appeal against a conviction of advising on futures contracts without a license.
Back in May 2015, Sze was sentenced to one month’s imprisonment suspended for two years, while Hong Kong Game Theory was fined $7,000.
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Hong Kong’s Court of Final Appeal also dismissed on Thursday another appeal by the company and affirmed the previous fine which was related to a charge of unauthorised trading in Hang Seng Index futures contracts. However, it accepted Sze’s appeal against his suspended sentence and replaced it with a fine of $5,000.
Between July and August 2010, the defendants provided real time investment advice over trading in Hang Seng Index futures, which is a regulated activity under the SEC’s rules, while they were not licensed to do so.
Hong Kong Game Theory and Sze were also acquitted of another two counts of unlicensed dealing in securities.