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The Securities and Futures Commission (SFC) has banned Mr To Ka Kit, a former employee of The Royal Bank of Scotland N.V., formerly known as ABN AMRO Bank N.V., from re-entering the industry for three years from 19 February 2014 to 18 February 2017 (Note 1).
On 3 December 2012, To was sentenced to perform community service of 120 hours at the Eastern Magistrates’ Court following conviction on one count of copying a false instrument.
To was a relationship manager of the bank at the material time. One of his duties was to handle the subscription of investment products by clients. An investment subscription is not accepted by the bank without a valid risk assessment form. For joint accounts, risk assessment forms must be signed by all account holders.
The court found that To submitted to the bank a copy of a risk assessment form with forged signatures of a joint account holder in order to obtain approval for the subscription of an equity-linked note for the account. The other joint account holder signed the form and agreed to subscribe to the product.
The SFC considers that To is guilty of misconduct and his fitness and properness has been called into question.
The case was referred to the SFC by the Hong Kong Monetary Authority.
End
Note:
- At the material time, To was a relevant individual engaged by ABN AMRO Bank N.V. to carry on Type 1 (dealing in securities) and Type 4 (advising on securities) regulated activities under the Securities and Futures Ordinance. To is currently not registered with the Hong Kong Monetary Authority or licensed by the SFC.
