The Securities and Futures Commission (SFC) has banned Ms Ivy Kiu Koon Yee from re-entering the industry for life (Note 1).
On 19 September 2011, Kiu was sentenced by the Court of First Instance to imprisonment of 79 months on six counts of theft and two counts of dealing with property known or reasonably believed to represent proceeds of an indictable offence.
The court found that between 2004 and 2009, Kiu, a Relationship Manager at DBS Bank (Hong Kong) Limited (DBS), had stolen over $26 million from the foreign currency and Hong Kong dollar deposits in four customers’ accounts that she serviced at DBS. Kiu transferred the customers’ monies, without their authority, to her mother’s or her own bank and securities accounts and to other customer accounts by forging bank documents or using blank transaction vouchers pre-signed by the four customers (Note 2).
The SFC concluded Kiu is not a fit and proper person to be licensed.
The case was referred to the SFC by the Hong Kong Monetary Authority.
End
Notes:
- Kiu was a relevant individual engaged by DBS Bank (Hong Kong) Limited to carry on Type 1 (dealing in securities) and Type 4 (advising on securities) regulated activities under the Securities and Futures Ordinance from 1 April 2003 to 19 March 2006 and from 23 March 2006 to 11 October 2009. Kiu is currently not registered with the Hong Kong Monetary Authority or licensed by the SFC.
- The Reasons for Sentence are available on the judiciary website at www.judiciary.gov.hk (Case No: HCCC 200/2011).
