Hong Kong’s securities regulator has banned former KGI Asia trader Michelle Ng Man Chow for life.
The Securities and Futures Commission (SFC) found that between August and October 2011 Ng had deposited a number of cheques into her own trading account and the trading account of a client from a separate client’s account to settle securities transactions.
As a result, the client account had a negative balance and suffered penalty interest charges during this time. When asked about the charges, Ng lied to the client, saying the charges were a mistake.
Further, Ng sold some securities into the client’s account without authorisation in order to reduce her margin ratio and prevent margin calls. The client filed a complaint to KGI Asia.
As the misappropriation of a client’s assets is a serious and dishonest act, and Ng’s attempt to conceal it only aggravated the seriousness, Ng is not a fit and proper person to be licensed, the SFC concluded.
Ng previously held a type 1 (dealing in securities) licence.