Producer-actor Raymond Wong Pak Ming has been sentenced to five months in prison for insider trading.
The 80-year-old veteran filmmaker, who was convicted of sharing insider information with his sister to trade shares of his company, Pegasus Entertainment, appeared before the West Kowloon Magistrates’ Courts on 9 June, where he was also ordered to pay HKD 99,720 in fine.
In addition, the “All’s Well Ends Well Too” star was also ordered to pay HKD 374,305 for the Securities and Futures Commission’s investigation costs.
The incident occurred in 2017, when Raymond gave HKD 2 million to his younger sister to buy shares when he heard about a potential buyer during negotiations to sell his controlling stake in Pegasus. He was believed to have pocketed more than HKD 1 million from it.
During sentencing, the judge acknowledged Raymond’s contributions to the Hong Kong film industry, the low financial gains, as well as his old age, but noted that the case has damaged public confidence in the securities market.
The veteran filmmaker was granted bail pending appeal.
(Photo Source: SCMP, The Standard HK)