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Hong Kong regulator bans banker for life

Feb 05 2013 Trond Vagen, Compliance Complete

Hong Kong's Securities and Futures Commission (SFC) has banned a former banker from re-entering the industry for life, after he was convicted of misappropriating some HK$1.3 million from three customers’ accounts by forging their signatures. The SFC said Ho Wing Kin was not a fit and proper person to be licensed, warning that misappropriation and forgery were serious and dishonest acts. The case was referred to the SFC by the Hong Kong Monetary Authority (HKMA), as Ho was employed by Wing Hang Bank. Ho had been licensed with the SFC to carry on Type 1 (dealing in securities) and Type 9 (asset management) regulated activities under the Securities and Futures Ordinance. Ho is currently not registered with the HKMA or licensed by the SFC. The victims in this case were elderly customers who have subsequently been compensated. Ho was convicted of five charges of theft, and on 10 August, 2011, was sentenced to imprisonment for 26 months.

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