The
Securities and Futures Commission (SFC) has suspended Franky
Wong, a financial influencer (finfluencer), for 16 months after his conviction
for operating an unauthorized investment advice service through a
subscription-based Telegram chat group.

“Stock Sniper”
Silenced: Financial Influencer Gets 16-Month Ban

Wong Ming
Chung, also known as the Stock Sniper in the social media, who worked for Tse’s
Securities Limited (TSL), will serve his suspension from March 19, 2025, to
July 18, 2026, the regulator announced today (Thursday). Despite holding proper
licenses for securities dealing and advising, Wong ran the chat group in his
personal capacity outside his firm’s oversight, violating securities
regulations.

“Investors
should remain vigilant and exercise caution when availing themselves of
information shared by finfluencers,” warned Christopher Wilson, SFC’s
Executive Director of Enforcement.

“Some
finfluencers who provide investment-related content on social media and other
online platforms may in fact be conducting regulated activities for which they
need to be licensed by the SFC.”

The problem
with “finfluencers” has become so significant that France
was already considering regulating individuals with large social media
followings in 2023, as they have a direct influence on the financial
decisions of savers.

Conviction

The
suspension follows Wong’s conviction last June in the Eastern Magistrates’
Court, where he pleaded guilty to carrying on a business advising on securities
without proper authorization. The court fined him HK$10,000 and ordered him to
pay the SFC’s investigation costs.

The
regulator said Wong operated the unauthorized service between January 2018 and
May 2019. While he was licensed to provide investment advice through his
employer TSL during this period, regulations required him to conduct such
activities only through his accredited firm.

“Finfluencers
who are not licensed may not adhere to the SFC’s requisite standards of conduct
and accountability, and investors may suffer by relying on their advice,”
Wilson added, urging investors to verify that individuals providing investment
advice are properly licensed.

In
determining the length of the suspension, the SFC said it considered all
relevant circumstances, including Wong’s cooperation during the investigation.

Traders Trust Finfluencers
More Than Experts

A recent
case highlights the growing regulatory scrutiny of
“finfluencers”—individuals who use social media platforms to share
financial advice and investment recommendations.

A study
from last year revealed that retail traders trust
popular online personalities more than their family, friends, or even
professional investment advisors when making decisions about their
portfolios.

This
finding was further confirmed by
a separate survey conducted by Germany’s BaFin, in which over 50% of young
crypto investors admitted that their investment decisions are primarily based
on influencer opinions.