A dentist has been charged with organizing an unlicensed business through which he solicited investments in Hong Kong properties.
Ronald Sin Chung-yin, 44, former head of Health and Care Dental Clinic, has denied the charge.
Sin was said to have invited more than 60 investors, including colleagues, relatives and friends, to invest in property projects through his company, IPFUND Asset Management Ltd., Apple Daily reported.
IPFUND, of which Sin was the only director and shareholder, had invested the money in at least 16 property projects that ended up gaining a combined HK$30 million.
At least 12 of the 16 investments proved successful, with IPFUND collecting a combined HK$2.01 million from investors as consulting fees.
Sin and his company were each charged with one count of operating a regulated business without a license between February and December 2011.
The prosecution said IPFUND, which had no license from the Securities and Futures Commission, was operating a property consulting business, providing investment seminars and collecting money from investors.
Under the Securities and Futures Ordinance, Sin could be liable to a fine of HK$5 million and imprisonment for seven years, and an additional fine of HK$100,000 for each day that the business was operating without a license.
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