The Securities and Futures Commission (SFC) has banned Ms Chau Hang Yu and Mr Steve Chow Chun Yin, both former employees of The Hongkong and Shanghai Banking Corporation Limited (HSBC), from re-entering the industry for life following their criminal convictions.
The District Court found that Chau and Chow, both of whom were responsible for selling and promoting investment products at HSBC and knew one another at the material times, made false claims in 2012 and 2014 that certain HSBC customers had agreed to subscribe for unit trust funds (UTFs). They received sales commission after HSBC processed the subscription orders in the belief that they had sold the UTFs to the customers when in fact it was not the case.
The District Court also found that Chau referred her customers to Chow so that he could obtain more sales commission after she had reached the cap for receiving sales commission. Chau later asked Chow for customer referral fees. He gave her $100,000.
The SFC considers Chau and Chow are not fit and proper persons to be licensed or registered to carry on regulated activities as a result of their convictions.
To see the full announcement, click here.