The Hong Kong Securities and Futures Commission (SFC) has banned Mr Yeung Leung Yuen, a former relationship manager of Citibank (Hong Kong) Limited (Citibank), from re-entering the industry for three years for conducting unauthorized transactions in a client’s securities account (Yeung was a relevant individual engaged by Citibank to carry on Type 1 (dealing in securities) and Type 4 (advising on securities) regulated activities under the Securities and Futures Ordinance between 29 August 2013 and 6 April 2016. Currently, Yeung is neither registered with the Hong Kong Monetary Authority nor licensed by the SFC).
The SFC found that on 30 March and 1 April 2016, Yeung impersonated the affected client and placed orders of five unauthorized share acquisition transactions in the client’s securities account over phone via Citibank’s stock trading hotline (The five unauthorized transactions were unwound by Citibank at a loss of $22,233. The loss was borne by Citibank and the client did not suffer any financial loss as a result of Yeung’s misconduct).
The SFC is of the view that Yeung was guilty of misconduct which calls into question his fitness and properness to be a regulated person.
This case was referred to the SFC by the Hong Kong Monetary Authority.