Hong Kong's Securities And Futures Commission Bans Kong Kar Bong For 10 Years

The Securities and Futures Commission (SFC) has banned Mr Kong Kar Bong, a former account executive of Sanfull Securities Limited (Sanfull), from re-entering the industry for 10 years from 11 December 2018 to 10 December 2028 (Note 1).

The SFC found that in June 2012, Kong received two cheques from a friend for opening a securities account and a futures account at Sanfull.  While the securities account of Kong’s friend was opened, the futures account was never opened.  Instead, Kong deposited the cheque of $500,000 that his friend had issued for the futures account into his own securities account at Sanfull.

In September 2012, upon his friend’s repeated inquiries about the status of the futures account, Kong misrepresented to his friend that the futures account existed and the $500,000 sum was in the futures account by emailing a forged statement to his friend showing a balance of $500,000 in an account under his friend’s name.

Kong’s friend only became aware that his futures account did not exist when he requested Sanfull to close the account in 2014.  

The SFC considers that Kong’s conduct was deliberate and dishonest and called into question his character, reliability, and fitness and properness to be a regulated person.

In deciding the sanction, the SFC took into account all relevant circumstances, including Kong’s otherwise clean disciplinary record.

Note:

1. Kong was licensed under the Securities and Futures Ordinance to carry on business in Type 1 (dealing in securities) regulated activity and was accredited to Sanfull between 21 May 2012 and 21 September 2013. Kong is currently not licensed by the SFC.