Hong Kong’s securities regulator SFC has banned a former Dah Sing Bank executive from re-entering the industry for life.
The Eastern Magistrates’ Court found that in July 2009, Mok Kin Hung stole HK$280,000 ($36,000) from a client account which he serviced at Dah Sing Bank by forging the client's signature on two separate transfer slips. This amounted to an unauthorised transfer and the following month the court sentenced Mok to 14 months in prison for theft.
The theft was discovered by Dah Sing Bank and the stolen funds were returned to the client.
Following a theft conviction on August 11, 2009, Mok was sentenced to prison for one year and two months.
On the life-time ban, the Securities and Futures Commission says it considers Mok “not a fit and proper person to be licensed as a result of his conviction” and notes that in deciding the penalty, the SFC took into account that Mok’s conduct was dishonest.
The Hong Kong Monetary Authority referred the case to the SFC. Mok was previously engaged by Dah Sing Bank to carry on type 1 (dealing in securities) and type 4 (advising on securities) activities from March 2008 to July 2009.