The Securities and Futures Commission (SFC) has banned Ms Mo Shau Wah, a former account executive of China Pacific Securities Limited (China Pacific), from re-entering the industry for life following her criminal conviction (Notes 1 & 2).
In December 2018, the Court of First Instance found Mo guilty of stealing approximately $110.2 million worth of shares from China Pacific’s clients between January 2005 and October 2012.
Mo also made unauthorised sales of the stolen shares in the open market through nominee client accounts held at China Pacific in the names of her relatives. The sale proceeds were subsequently paid into the relatives’ bank accounts controlled by Mo (Notes 3, 4 & 5).
Mo further conspired with Ms Hui Fong Ting, a former settlement clerk of China Pacific, to cover up the theft through false entries that Hui created in China Pacific’s computer system and client statements.
The SFC considers that Mo is not a fit and proper person to be licensed or registered to carry on regulated activities as a result of her criminal conviction.
Notes:
- Mo was accredited to China Pacific and licensed to carry on Type 1 (advising on securities) regulated activity under the Securities and Futures Ordinance (SFO) between 1 January 1993 and 14 March 2013. She was also licensed to carry on Type 4 (advising on securities), Type 6 (advising on corporate finance) and Type 9 (asset management) regulated activities under the SFO between 1 January 1993 and 8 November 2004. Mo is not currently licensed by the SFC.
- Mo pleaded guilty to one count of conspiracy to steal, contrary to section 9 of the Theft Ordinance and sections 159A and 159C of the Crimes Ordinance, and one count of conspiracy to defraud, contrary to common law and section 159C(6) of the Crimes Ordinance. She was sentenced to 8 years’ imprisonment for the first charge and 11 years and 3 months’ imprisonment for the second charge.
- Please see the Reasons for Sentence (Case No: HCCC 12&13/2017) on the Judiciary’s website.
- China Pacific spent $156 million to buy back the shares stolen by Mo in the market, the difference in value owing to the increase in share prices over the years.
- In 2013, the SFC obtained a court order which prohibited Mo from disposing of her assets worldwide in the amount of $156,471,705. Please see the SFC’s press release dated 1 March 2013.
