The Securities and Futures Commission (SFC) has banned Ms Lum Yin Ling from re-entering the industry for life (Note 1).
On 8 October 2013, Lum was convicted and sentenced by the Court of First Instance to imprisonment of seven years on one count of fraud.
The court found that, between April 2011 and September 2012, Lum, then a relationship manager at Credit Suisse AG Hong Kong Branch, misappropriated a total of approximately $31 million on seven occasions from three client accounts, either by deceiving the client to obtain written instructions or by forging client signatures on relevant payment instructions (Note 2).
The SFC concluded Lum is not a fit and proper person as a result of her conviction.
The case was referred to the SFC by the Hong Kong Monetary Authority.
Notes:
- Between 4 April 2011 and 18 September 2012, Lum was a relevant individual engaged by Credit Suisse AG Hong Kong Branch to carry on Type 1 (dealing in securities) and Type 4 (advising on securities) regulated activities under the Securities and Futures Ordinance. Lum is currently not registered with the Hong Kong Monetary Authority or licensed by the SFC.
- Please see the Reasons for Sentence (HCCC 184/2013) which is available on the Judiciary’s website (www.judiciary.gov.hk).