The Securities and Futures Commission (SFC) has banned Mr Alex Chow Ho Kuen, a former customer services manager of Hang Seng Bank Limited, from re-entering the industry for life (Note 1).
On 1 April 2011, the District Court sentenced Chow to imprisonment of 44 months following convictions on six counts of theft, six counts of fraud and three counts of dealing with property known or believed to represent proceeds of an indictable offence (Note 2).
The District Court found that, between January 2007 and January 2009, Chow had conducted a number of unauthorized transactions in his clients’ accounts. Chow also made unauthorized fund withdrawals from client’s accounts and transferred them to his sister's account without her knowledge.
The SFC considers Chow not fit and proper to be licensed as a result of his convictions. In deciding the sanction, the SFC took into account that Chow’s conduct was dishonest and caused significant monetary losses, estimated to be over $5 million, in his clients’ accounts.
The case was referred to the SFC by the Hong Kong Monetary Authority (HKMA).
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Notes:
- Chow was a relevant individual engaged by Hang Seng Bank Limited to carry on Type 1 (dealing in securities), Type 4 (advising on securities) and Type 7 (providing automated trading services) regulated activities under the Securities and Futures Ordinance from May 2004 to February 2009. Chow is currently not registered with the HKMA or licensed by the SFC.
- The Reasons for Sentence of the criminal court case (DCCC465/2010) is available on the Judiciary’s website at www.judiciary.gov.hk (in Chinese only).