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The Securities and Futures Commission (SFC) has banned Ms Li Lee, a former employee of The Hongkong and Shanghai Banking Corporation Limited (HSBC), from re-entering the industry for life following her criminal convictions.
The District Court earlier found that Li, who was responsible for selling and promoting investment and insurance products at HSBC at the material time, made false claims to her former employer that she had sold certain unit trust funds and an insurance product to five customers in September and October 2012.
Li also claimed to have explained to them the details and investment risks of these products which had led HSBC to process the subscription orders and insurance application of the five customers and pay her sales commission. In fact, the five customers were referred to her by a colleague and Li had neither met nor sold them any product.
The District Court also found that Li paid the colleague $30,000 to $60,000 on 26 November 2012 as financial compensation for referring the customers to her.
Li was sentenced to 10 months imprisonment on 13 July 2016. The SFC considers Li is not a fit and proper person to be licensed or registered to carry on regulated activities as a result of her criminal convictions.
This case was referred to the SFC by the Hong Kong Monetary Authority.