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The Securities and Futures Commission (SFC) has banned Ms Liu King Yee, a former employee of Wing Lung Bank Limited (Wing Lung Bank), from re-entering the industry for life following her conviction by the High Court for fraud (Notes 1 & 2).
The Court found Liu fraudulently represented to three customers about certain high return investment products. As a result, the three customers paid Liu large sums of monies for investment between September 2010 and January 2014, and suffered losses of over $25.8 million (Note 3).
The SFC considers that Liu is not a fit and proper person to be licensed or registered to carry on regulated activities as a result of her convictions.
The case was referred to the SFC by Hong Kong Monetary Authority.
Notes:
- Liu was a relevant individual engaged by Wing Lung Bank to carry on Type 1 (dealing in securities) and Type 4 (advising on securities) regulated activities under the Securities and Futures Ordinance. Liu is currently not registered with Hong Kong Monetary Authority or licensed by the SFC.
- Liu was sentenced to 10 years and four months of imprisonment on 27 October 2015 after her conviction for three counts of fraud under the Theft Ordinance.
- Please see the Reasons for Sentence (Case No: HCCC 355/2015) which is available on the Judiciary’s website (www.judiciary.gov.hk).
