A Hong Kong man has been fined and given community service for selling unlicensed securities advice through social networking site Facebook.
Between April and November 2010, Lo Kam Chung, using the name 'Peter Sun', gave securities advice to paid subscribers to a private discussion group he set up on Facebook.
The Securities and Futures Commission (SFC), says it has identified three subscribers who paid HK$200 to HK$300 per month to 'Peter Sun' but did not follow his advice.
After pleading guilty, Lo has been fined HK$20,000 and given a community service order of 80 hours, to be completed within 12 months. He has also been ordered to pay the SFC's investigation costs.
Says an SFC statement: "The investing public is at risk from unlicensed operators like Lo and it is fortunate in this case that the SFC's action stopped Lo's scheme before any investors suffered losses."