The Securities and Futures Commission (SFC) has banned Mr Samuel Lee Kwok Tung, a former account executive of DBS Vickers (Hong Kong) Limited (DBSVHK), from re-entering the industry for eight months from 17 August 2019 to 16 April 2020 (Note 1).
The disciplinary action follows an SFC investigation which found that Lee falsely stated that he was the client when confirming orders or acknowledging executed orders after placing such orders for a client via the telephone in 84 transactions between April 2015 and November 2015. As a result, the telephone records of DBSVHK gave the appearance that the trade instructions came directly from the client and that the trades had been confirmed with the client personally.
The SFC considers that Lee’s dishonest act by falsely claiming to be the client called into question his fitness and properness to be a regulated person.
In deciding the penalty, the SFC took into account all relevant circumstances, including Lee’s otherwise clean disciplinary record.
Note:
- Lee was licensed under the Securities and Futures Ordinance to carry on business in Type 1 (dealing in securities) and Type 2 (dealing in futures contracts) regulated activities and was accredited to DBSVHK between 24 May 2004 and 29 January 2016. Lee is currently not licensed by the SFC.
A copy of the Statement of Disciplinary Action is available on the SFC website
