The Securities and Futures Commission (SFC) has banned Mr Lee Wai Keung from re-entering the industry for 12 months from 10 December 2014 to 9 December 2015 (Note 1).
The disciplinary action follows an SFC investigation which found that between October 2007 and June 2013, Lee operated a secret account under the name of his sister-in-law and conducted personal trading activities through the secret account. In doing so, he concealed his beneficial interests in the secret account and his personal trading activities through the account from his then employer.
The SFC considers Lee’s conduct was plainly dishonest. His conduct also made it impossible for his former employer to actively identify and monitor his trading activities, and to detect any potential conflict of interest situations and/or other malpractices arising from such activities.
In deciding the penalty, the SFC has taken into consideration the duration of Lee’s concealment of the secret account and his otherwise clean disciplinary record.
Note:
- Lee was licensed under the Securities and Futures Ordinance to carry on Type 1 (dealing in securities), Type 2 (dealing in futures contracts) and Type 3 (leveraged foreign exchange trading) regulated activities and was accredited to, and approved to act as a responsible officer of, Glory Sky Global Markets Limited until 26 June 2013. Lee is currently not a licensed person.
A copy of the Statement of Disciplinary Action is available on the SFC website