Hong Kong Regulator Punishes with Life Ban

Hong Kong Securities and Futures Commission

Hong Kong Securities and Futures Commission

Hong Kong’s Securities and Futures Commission has banned a former licensed representative of Wocom Securities from re-entering the industry for life.

The rogue representative, Chow Chi Keung, was hit hard for numerous violations including, misappropriating client monies, forging client signatures and conducting unauthorised transactions in client accounts.

The severe disciplinary move follows an investigation by the Hong Kong Securities and Futures Commission (SFC) which found that, between 2010 and 2012, Chow, in order to conceal his trading losses in client accounts:

  • forged client signatures on 13 Wocom payment instruction forms to facilitate the withdrawal or transfer of client monies from nine client accounts to his or his wife’s personal accounts or other client accounts maintained at Wocom. The total sum in the payment instruction forms amounted to more than $2.5 million; and
  • sold securities in five client accounts without their authorisation and transferred the sale proceeds to other client accounts.

Hong Kong Police Involved 

In October 2012, Wocom reported to the SFC that Chow may have misappropriated client assets. Wocom also reported the matter to the Police and the investigation is still ongoing.

Chow’s misconduct called into question his fitness and properness to be a licensed person. In deciding the penalty, the SFC took into account that Chow’s conduct was gravely dishonest and seriously jeopardised the interests of Wocom’s clients and the integrity of the market. 

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