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Hong Kong's First Financial "Influencer" was Sentenced to Jail for Operating an Unlicensed Paid Social Media Group Offering Investment Advice
BlockBeats News, November 8th. According to reports from Hong Kong media outlet Hong Kong 01, the Hong Kong Eastern Magistrates' Court ruled that financial "internet celebrity" Royston Chow Pak-Hin illegally set up and managed a subscription-based chat group through a social app to provide investment advice without a license, and was sentenced to six weeks' imprisonment.
It is reported that this is the first case in Hong Kong where someone has been sentenced to imprisonment for the offense of providing unlicensed investment advice. The Hong Kong Securities and Futures Commission stated that Royston Chow Pak-Hin earned a total of 43,680 Hong Kong dollars by charging fees to chat group members. The Commission will continue to crack down on illegal activities of financial "internet celebrities" and hold them accountable.
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