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Happy Ghost Star Raymond Wong, 80, Sentenced To 5 Months' Jail For Insider Trading

The veteran Hong Kong filmmaker was convicted of tipping off his sister to buy shares in an entertainment company he chaired in 2017, resulting in profits of more than S$164.3K.

Raymond wong insider trading jail 1

Veteran Hong Kong movie producer and actor Raymond Wong Pak Ming has been sentenced to five months in prison after being convicted of sharing insider information with his sister to buy shares of an entertainment company he chaired in 2017.

The 80-year-old, best known for creating and starring in the iconic Happy Ghost franchise in the 1980s, was also ordered to pay a fine of more than HK$99,720 (S$17K) and reimburse the Securities and Futures Commission about HK$374,305.48 (S$61.5K) in investigation costs. He was later granted bail of HK$200,000 (S$32.9K) pending an appeal.

The case centred on Pegasus Entertainment, now known as Transmit Entertainment. At the time, Raymond was the company's chairman and controlling shareholder and was negotiating the sale of his stake to a prospective buyer.

According to prosecutors, he transferred HK$2mil (S$328.5K) to his younger sister and instructed her through WhatsApp messages to buy Pegasus shares before details of the deal were made public. The trades eventually generated profits exceeding HK$1mil (S$164.3K).

While sentencing, the judge acknowledged Raymond’s significant contributions to Hong Kong's film industry and noted that the sum involved was relatively small compared with other insider-dealing cases.

However, the court said the offence had undermined public confidence in Hong Kong's securities market. A starting point of nine months' imprisonment was adopted before being reduced by four months in consideration of Raymond’s charitable work and other mitigating factors.

Raymond’s lawyer had sought a non-custodial sentence, citing the lengthy legal proceedings, his advanced age, retirement from the industry, and health issues, including a prostate cancer diagnosis.

The defence also said the case had taken a heavy toll on his family, with his wife reportedly suffering from depression.

Raymond co-founded Pegasus with his son, filmmaker Edmond Wong, in 2009. The company was renamed Transmit in March 2018 after Raymond sold his controlling stake.

He's been granted bail pending an appeal.

Raymond started Pegasus with his son Edmond in 2009.

He's best known for producing and starring in the Happy Ghost franchise.

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