In Hong Kong today, the Securities and Futures Commission banned former investment banker Allen Lam from the industry for life following his conviction in July for insider trading, Bloomberg reports.
As previously discussed here, Lam, a former investment banking director at Hong Kong-based CLSA, was sentenced to six months in jail after pleading guilty to charges that he 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. Fong reportedly made over HK$4 million in profit.
“Lam’s conduct violated the trust expected of him as a licensee,” SFC’s Executive Director of Enforcement Mark Steward said. “There is no place for licensees who misuse confidential information and enter into arrangements like this to deceive the market.”
