Hong Kong Securities And Futures Commission Bans Yung Lap Hong For Life

The Securities and Futures Commission (SFC) has banned Mr Yung Lap Hong, a former branch manager of China Construction Bank (Asia) Corporation Limited (CCBA), from re-entering the industry for life for misappropriation of $3.6 million from a customer’s bank account (Note 1).

The disciplinary action follows an SFC investigation which found that in April 2019, Yung used a cashier’s order application form pre-signed by a customer of CCBA to obtain a cashier’s order for $3.6 million payable to his wife.  After depositing the cashier’s order into his wife’s bank account, the monies were transferred to his wife.  Yung then transferred the monies to himself from his wife’s bank account.

The SFC considers Yung is not fit and proper to be licensed or registered to carry on regulated activities.

This case was referred to the SFC by the HKMA.

Note:

1. Yung was registered with the Hong Kong Monetary Authority (HKMA) as a relevant individual engaged by CCBA to carry on Type 1 (dealing in securities) and Type 4 (advising on securities) regulated activities under the Securities and Futures Ordinance between 18 December 2015 and 16 April 2019.  Yung is currently not registered with the HKMA or licensed by the SFC.