Filmmaker Wong Bak Ming, known by his stage name Raymond Wong, became embroiled in a suspected insider trading case and was prosecuted by the Hong Kong Securities and Futures Commission through criminal legal proceedings. Wong denied the charge, but after trial was found guilty. On the morning of the 9th, sentencing was handed down at the West Kowloon Magistrates’ Courts, where Magistrate Ko Wai Hung remarked that although the defendant had made extraordinary contributions to the film industry, and the sum involved in this case was not large compared to similar cases, Wong’s crime had affected public confidence in the market. He was ultimately sentenced to five months in prison, fined more than HK$99,000 (about RM51,000), and ordered to pay investigation costs of over HK$370,000 (about RM190,000) to the Securities and Futures Commission. The defense’s application for bail pending appeal was approved for Wong.
The 80-year-old Raymond Wong was charged with one count of insider trading, alleging that he conducted insider dealing in the shares of Pegasus (now known as Transmit Entertainment), in violation of Section 291 of the Securities and Futures Ordinance. The charge stated that from around August 25 to October 17, 2017, he allegedly instigated or caused his sister, Wong Kit Chun, to trade in the shares of Pegasus while he was serving as its chairman and controlling shareholder, possessing insider information regarding the company. The prosecution case indicated that during third-party negotiations over buying and selling shares of “Pegasus Motion Pictures,” Wong transferred a total of HK$2 million (about RM1.03 million) to Wong Kit Chun in several installments, and instructed her via WhatsApp to buy shares, with messages such as "if it's lower than 0.2 tomorrow, buy as much as you can." Wong Kit Chun subsequently bought a total of about HK$1.6 million (about RM830,000) worth of Pegasus shares during the corresponding period. #
Source: on.cc