The Securities and Futures Commission (SFC) has banned Mr Kwan Hung Kei, a former employee of Nanyang Commercial Bank, Limited (Nanyang Bank), from re-entering the industry for life (Note 1).
Kwan was convicted on one count of theft by the Eastern Magistrates’ Court on 13 December 2012.
The court found that, in March 2011, Kwan introduced a “Time Deposit Plan” to a customer at Nanyang Bank. The customer agreed to invest $10,000 and gave Kwan a blank pre-signed cheque for the transaction.
Kwan completed the date and the amount of $10,000 on the cheque in front of the customer but left the payee details blank and retained the cheque. He later printed his name as the payee on the cheque and subsequently used it to transfer $10,000 from the client’s bank account to his own bank account.
The SFC considers Kwan not a fit and proper person as a result of his conviction.
The case was referred to the SFC by the Hong Kong Monetary Authority.
Note:
- Kwan was a relevant individual engaged by Nanyang Bank to carry on Type 1 (dealing in securities) and Type 4 (advising on securities) regulated activities under the Securities and Futures Ordinance from September 2005 to April 2011. Kwan is currently not registered with the Hong Kong Monetary Authority or licensed by the SFC.
