The Securities and Futures Commission (SFC) has banned Ms Lok Wai Fong, a former employee of Bank of China (Hong Kong) Limited (Bank), from re-entering the industry for life (Note 1).
The disciplinary action follows an SFC investigation which found that from April 2009 to January 2012, Lok transferred a sum of around $1.6 million from the savings account of a customer to the bank account of a securities firm, without his knowledge and authorization. The transfers were made purportedly to settle trades conducted in the securities accounts in the name of Lok’s niece and nephew-in-law when in fact the trades were Lok’s own trades.
The SFC also found that Lok received securities trading instructions from the customer’s wife, who is a customer of the Bank as well, but Lok failed to act on those instructions.
In deciding the sanctions against Lok, the SFC considers that her dishonest conduct casts serious doubts on her fitness and properness to be a regulated person.
The case was referred to the SFC by the Hong Kong Monetary Authority.
End
Note:
- Lok was a relevant individual engaged by the Bank to carry on Type 1 (dealing in securities), Type 4 (advising on securities) and Type 7 (providing automated trading services) regulated activities under the Securities and Futures Ordinance. Lok is currently not registered with the Hong Kong Monetary Authority or licensed by the SFC.
A copy of the Statement of Disciplinary Action is available on the SFC website
