安省证监会向邓越文追讨1000万，外加行政处罚

唐炜臻

大中公益网096.ca 2012年10月04日 17:35  来源：大中报记者南茜（Nancy Jin）  [ 加大字体 | 缩小字体 ]
OSC may allocate collected funds from Deng to investors
继安省证监会处罚聆讯后，证监会聆讯小组最近又对麦博集团和邓越文作出经济制裁和交易禁令。2011年8月，安省证监会公布的决定称，麦博集团和邓违反了《证券法》的规定。
Following an OSC’s sanctions and costs hearing, the hearing panel has recently imposed financial sanctions and trading bans against MP Global Financial Ltd and Joe Feng Deng. In Aug. 2011, the OSC issued a decision that found MP and Deng breached provisions of the Securities Act.

邓的律师表示，既无工作也无资产的邓离了婚，并失去住所。他目前回到中国，与其家人一起生活。
According to Deng’s lawyer, without a job or any assets, Deng has lost his marriage and personal residence. He has returned to China, and now lives with his family.
制裁聆讯

Hearing arguments
制裁聆讯中，除了$100万元的行政处罚，安省证监会还向邓追缴$790万元退款，该数额为邓向投资者所集资金（$2100万元）和支付给投资者的资金（$1310万元）之差。安省证监会还要求邓支付总额约为$31.8万元的聆讯费用。
In the sanctions hearing, apart from an administrative penalty of $1 million, the Commission also sought a disgorgement of $7.9 million from Deng, representing the difference between the amount he received ($21 million) and paid out ($13.1 million) to investors. The OSC also sought total hearing costs of about $318,000.

证监会认为，所寻求的制裁将起到震慑作用，并向他人提出警示，严重违规行为导致严厉的制裁。
The commission believes that the sanctions they were seeking would serve as a deterrent and send a signal that serious misconduct will result in severe sanctions.

但邓的律师在聆讯中辩称，不该对邓和麦博集团追缴退款或加以行政处罚，邓也不该支付法律费用。邓的律师还反对对其客户施行停止证券交易之禁令，并要求邓被准许在证监会自其首次颁布对邓的指控之五年后的2014年4月起，可与证监会进行注册，并成为基金经理。
Deng’s lawyer argued at the hearing that Deng and MP deserved no disgorgement order or administrative penalty and should not pay for legal costs. He was against the order to ban his client from trading permanently, arguing that Deng be allowed to become a registrant and a fund manager starting in April 2014, five years after the OSC issued its initial allegations against Deng.

聆讯小组裁决
Panel decision

据聆讯小组的裁决，邓违反了《证券法》的两项关键条款。他在没有进行所规定的注册的情况下交易证券，并在未事先向投资者提供所需信息的的情况下发行债券。如果邓曾向客户公布了相关的信息，包括其实际交易损失以及麦博集团承诺的高利回报，许多投资者可能会对与麦博集团的投资有所顾虑。
The panel’s decision indicates that Deng breached two key provisions of the Securities Act. He traded securities without registration and issued securities without providing required information to investors prior to their investment decision. If Deng had disclosed information such as his actual trading losses as well as MP high promised interest payments, many investors would have had serious concerns over investing in MP, according to the decision.

裁决书称，邓的严重违规行为应该受到严惩。作为证监会前注册人员，邓无顾注册要求，未根据《证券法》规定严格约束其行为。邓曾受到华人社区的尊敬，并获得同行的信任。但投资者信任不应被滥用，邓的违规行为应使他人引以为戒。
The decision states that Deng’s serious misconduct warrants significant sanctions. As a former registrant, Deng did not take the necessary steps to comply with the Ontario securities law but rather chose to disregard the registration requirements.  Deng was respected in the Chinese community and trusted by his peers, and others in a similar position should be deterred from abusing the trust of their investors.  

据裁决书称，麦博集团的交易行为仅有过几度短暂的获利，而交易总趋势为亏损。至 2009年3月，公司所集投资的94.5%在交易中损失。由于交易亏损和所承诺的高额回报，邓只得用新客户的投资支付老客户。但是，邓并未遭到欺骗或欺诈交易的指控。
According to the decision, the overall trend of MP’s trading was negative, with only some brief periods of gains. By Mar. 2009, 94.5% of investments collected had been lost in trading. The trading losses and high promised rate of return had led Deng to use new investors’ money to pay previous investors. However, no allegations of fraud or abusive trading were made against him.

裁决书写道：“虽然邓的行为谈不上掠夺与贪欲，但是他向投资者募集了大量资金，并且在其资金全部亏损后没有向投资者透露实情。”
“Deng’s behaviour was not predatory or rapacious.  However he took large amounts of funds from investors and then was not forthcoming with them when all of their funds were lost,” the decision reads.

交易禁令
Trading bans

证监会聆讯小组裁决，邓自判决之日起15年内禁止从事证券交易工作，邓本人可通过注册代理人进行证券交易。邓还被禁止在15年内与证监会注册交易，或成为基金经理。
The decision imposed a cease trading order on Deng for 15 years, effective from the date of the decision, but allowed Deng to trade in securities on his own through a registered dealer. Deng is also banned from becoming a fund manager, or registrant for 15 years.

追缴，行政处罚和法律费用
Disgorgement, administrative penalty and legal costs

证监会调查发现邓将逾$200万元的投资者基金用于个人支出，近$50万元用于信用卡支出，其中$12.8万元用于购买珠宝。
Deng was found to have spent over $2 million of investors’ money on personal benefits, and less than half a million on credit card payments, which included the cost of jewelry totaling $128,000.

虽安省证监会要求向邓追缴$790万元，聆讯小组仅令邓和麦博集团退还$210万元，其中包括他用于个人的资金的逾$200万元，以及购买珠宝花费的$12.8万元。裁决并未要求邓归还其用于支付信用卡的资金。
Instead of $7.9 million of disgorgement that the OSC was seeking, the decision orders Deng and MP to pay back $2.1 million only, which includes over $2 million for his personal use, and the cost of jewellery in the amount of $128,000. He was not ordered to pay back the remaining amount on his credit card payments.

聆讯小组的裁决还将证监会向邓所要求施加的行政处罚降至$50万元，聆讯法律费用降至$15万元。
The decision also reduced the administrative penalty that the commission sought to $500,000, and reduced the hearing costs to $150,000.

聆讯小组称，该裁决未曾考虑麦博集团和邓的经济支付能力。
The panel stated that the decision was made without considering MP or Deng’s financial ability to make the payments.

裁决书称：“由于缺乏有关邓的经济状况的证据，邓的支付能力不是决定该制裁或金额处罚的一个重要因素。”
“Due to lack of evidence on Deng’s financial resources, I don’t consider Deng’s ability to pay as a significant factor in determining the sanctions or costs,” read the decision.

资金分配给麦博集团的投资者？
Fund allocated to MP investors?

据聆讯小组的裁决，麦博集团和邓支付的行政罚金和追缴金额应该分配给第三方，包括麦博集团的投资者。但是裁决书并非向麦博集团的投资者提供任何获得补偿资金的法律权利。
The panel decision appears to state that the disgorgement and administrative penalty paid back by MP and Deng shall be allocated to third parties, including MP investors. However the decision states that it does not offer any legal right for MP investors to receive any compensation.

《大中报》通过电子邮件询问安省证监会如果收到罚金，将会如何分配给投资者，但是截至发稿时并未得到任何答复。
Chinese News asked the OSC through an email as to how the funds, if collected, would be allocated to investors, but received no reply by press time.

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