Hong Kong Star Raymond Wong, 80, Begins 5-Month Prison Term for Insider Trading

Veteran Hong Kong star Raymond Wong, 80 (real name Wong Pak-ming), has been convicted of insider trading and now begins a five-month prison term. In 2017, before Mandarin Motion Pictures announced a sale of the company, Wong instructed his younger sister to purchase Mandarin Motion Pictures shares at a designated time and price. He was prosecuted by Hong Kong's Securities and Futures Commission (SFC), and following trial was found guilty of insider trading. He was recently sentenced to five months in prison and fined more than HK$99,000 (about NT$400,000), and was also ordered to pay HK$370,000 (about NT$1.5 million) to the SFC to cover litigation and investigation costs.

Wong had subsequently been granted bail of HK$200,000 (about NT$810,000) pending appeal. On the morning of June 17, Wong went to the West Kowloon Magistrates' Court to apply to revoke his bail, which was approved by Magistrate Peter Law Tai-hung, requiring him to begin serving his sentence immediately. From today, Wong will serve his five-month term at a correctional facility.

In the 1980s, Wong rose to fame across Taiwan and Hong Kong with the "Happy Ghost" film series. The news that he is now entering prison at the age of 80 has left many older fans saddened.

Wong is one of Hong Kong's best-known film producers. In the 1980s he served as chairman of Cinema City & Films Co., and from 1991 to 1993 he founded Mandarin Films Distribution Co. Many of his productions broke Hong Kong box-office records at the time, including "Aces Go Places," "Happy Ghost" and "All's Well, Ends Well." In 2009, he co-founded Mandarin Motion Pictures with his son Edmond Wong.

Source: Liberty Times — https://ent.ltn.com.tw/news/breakingnews/5474880