In Hong Kong, a court has sentenced Allen Lam, former investment banking director at Hong Kong-based CLSA, to six month in jail for insider trading. Lam allegedly tipped off Ryan Fong, former hedge fund manager at HSZ, on a takeover bid for Media Partners. Fong was sentenced to a year in prison and fined HK$1.37 million for purchasing shares in Media Partners following Lam’s tip, The Standard reports. Fong reportedly made over HK$4 million in profit.
As previously discussed here, the two men pleaded guilty to charges of insider dealing earlier this month.