Michael Kwong Conviction

Michael Kwong Sentenced to 3 years

Michael Kwong has been sentenced on the 31st of January to 3 years imprisonment after an ASIC investigation found Mr Kwong guilty of 5 Commonwealth offences.

Whilst the sentence for Michael Kwong appears quite severe its important to document the facts around what he has done.

Michael Kwong (36 years old) has pleaded guilty to 6 charges related to dishonestly of using his position as an employee of Smith Barney in Australia. Mr Kwong also opened an account with a cash dealer in a false name and falsified a document in the process.

He will be available for release after serving 15 months and providing the sum of $1,500 providing he is of good behanvious for 2 years.

The offenses that Mr Kwong was charged for relate back to the time he was a dealer or authorised representative of Smith Barney back in 2002 - 2003. During this time he made a series of postive options trades from non-associated client accounts and negative options trades for non-associated client accounts.

The total sums made and won include clients accounts losing around $405,000 whilst the positive accounts made around $375,000, leaving a short fall of $30,000 or so.

In addition to the trading losses mentioned above Michael Kwong falsified documents in order to open a cash management trust account with Macquarie Bank and falsified a Victorian Drivers licence back in February 2002.

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