Hong Kong’s securities regulator yesterday said it had banned Choi Yuet Yan, an ex-employee of ING Asia Private Bank, from re-entering the industry for life.
This followed the Securities and Futures Commission (SFC) on Monday and Friday, respectively, announcing life bans for ex-relationship managers Jonathan Yan Cheuk Fung, formerly of HSBC, and Lum Yin Ling, formerly of Credit Suisse.
On 25 June 2012, Choi had been convicted by the District Court on seven counts of using false instruments and dealing with property believed to be proceeds of crime. She was sentenced to imprisonment of four years and eight months.
She created false letters purporting to authorise or instruct her employer to transfer funds held in a client account into accounts with other banks held by members of her family.
In one case, the letters were created to guarantee a trading account of a member of Choi’s family and in another to deceive her employer to give credit to her family member. The false letters placed substantial client money at risk, says the SFC.
The regulator considers Choi not a fit and proper person as a result of her convictions. The case was referred to the SFC by the Hong Kong Monetary Authority (HKMA).
She had been engaged by ING to conduct type 1 (dealing in securities) regulated activity from 27 August 2007 to 4 September 2010. (ING Private Bank Asia merged with OCBC’s private banking operation to form Bank of Singapore in January 2010.)
Choi is currently not registered with the Hong Kong Monetary Authority or licensed by the SFC.
Separately, the SFC on Monday banned Yan from re-entering the industry for life.
While Yan was a relationship manager at HSBC, he misled HSBC Life in submitting life insurance applications to the insurance firm by naming a friend as the insured person and payer of the premium of the policies when that was not the case. He received commission for the sale of the policies.
Yan was subsequently charged and convicted of six counts of using a document with intent to deceive his principal, HSBC Life.
The SFC considers Yan not a fit and proper person as a result of his convictions. The case was referred to the SFC by the HKMA.
He was engaged by HSBC to carry on type 1 (dealing in securities) and type 4 (advising on securities) activities from May 2004 to March 2011. He is currently not registered with the HKMA or licensed by the SFC.
Lum was banned on Friday from re-entering the industry for life after she was convicted for fraud last year, as reported yesterday.