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The Securities and Futures Commission (SFC) has banned Mr Ho Pak Hay, a former licensed representative of KGI Asia Limited (KGI) and KGI Futures (Hong Kong) Limited (KGI Futures), from re-entering the industry for life (Note 1).
The disciplinary action follows an SFC investigation which found that Ho had misappropriated and misused funds totalling $1.8 million received from three KGI’s clients between February 2018 and July 2019 after he privately agreed to make investments for them.
However, instead of making investments for them with the funds as agreed, Ho had spent a portion of the funds on gambling. The investigation also revealed that Ho had issued eight dishonoured cheques purportedly to repay the funds owed to one of the three clients around August 2018 to April 2019.
The SFC considers that Ho is not a fit and proper person to be licensed as Ho’s conduct casts serious doubts on his integrity and reliability, and his ability to carry on regulated activities honestly.
Having considered all the circumstances, the SFC has decided that a life ban on Ho is appropriate and commensurate with the gravity of his conduct.
Note:
- Ho was licensed under the Securities and Futures Ordinance to carry on Type 1 (dealing in securities) and Type 2 (dealing in futures contracts) regulated activities, and was accredited to KGI and KGI Futures respectively between 10 October 2017 and 12 July 2019. Ho is currently not licensed by the SFC.
A copy of the Statement of Disciplinary Action is available on the SFC website
