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🇭🇰 Hong Kong: 26-year-old trader misappropriates $50 million, makes a two-times leveraged long bet on Hailisi, but suffers a loss of $150 million
Another massive case of funds misappropriation and leveraged stock trading that led to huge losses was reported again in Hong Kong’s Central Financial District.
Local Hong Kong media previously reported that on July 20, a female director of a securities company at No. 19 Des Voeux Road Central in the Central financial area filed a police report, saying that a 26-year-old male staff member under her firm had, without authorization, taken company funds to trade stocks, resulting in an on-paper loss of up to HK$150 million. The suspect was arrested the same day by police on suspicion of “theft.”
The suspect is a 26-year-old trader at Chief Wealth Investment Limited. The incident took place this year between January 9 and July 20.
The trader misappropriated HK$50 million as margin without permission, obtained financing through relevant institutions, and bought leveraged derivatives listed on the Hong Kong Exchanges and Clearing—Southern Eastern Ying 2x Bullish Hailisi ETF (code:
Police disclosures indicate that the above stock position has not yet been forcibly liquidated for sale. This means the final loss of the position will still fluctuate with the stock price.