The Securities and Futures Commission (SFC) today reprimanded Frank Hu, Peony Ng and Jenny Chang Pui Chun of UBS Wealth Management and fined them HK$800,000 (US$102,827), HK$600,000 and HK$400,000 respectively, for executing so-called wash trades. The back story for the reprimand remains a mystery – there are many plausible, but unverified theories and many questions – but these are the…

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