The Securities and Futures Commission (SFC) has banned Ms Choi Yuet Yan, a former employee of ING Asia Private Bank Limited (ING), from re-entering the industry for life (Note 1).
On 25 June 2012, Choi was convicted by the District Court on seven counts of using false instruments and dealing with property believed to be proceeds of crime. She was sentenced to imprisonment of four years and eight months (Note 2).
Choi created false letters purporting to authorize or instruct her employer to transfer funds held in a client account into accounts with other banks held by Choi’s family members. In one case, the false letters were created to guarantee a trading account of Choi’s family member, and in another, to deceive her employer to give credit to her family member. The false letters placed substantial client moneys at risk.
The SFC considers Choi not a fit and proper person as a result of her convictions.
The case was referred to the SFC by the Hong Kong Monetary Authority.
Notes:
- Choi was a relevant individual engaged by ING to conduct Type 1 (dealing in securities) regulated activity under the Securities and Futures Ordinance from 27 August 2007 to 4 September 2010. ING changed its name to Bank of Singapore Limited, Hong Kong Branch in January 2010. Choi is currently not registered with the Hong Kong Monetary Authority or licensed by the SFC.
- Please see the Reasons for Sentence (DCCC209/2012) which is available on the Judiciary’s website (www.judiciary.gov.hk).
