The Securities and Futures Commission (SFC) has, in two separate actions, banned Ms Helen Chow Hoi Ching, a former employee of The Royal Bank of Scotland N.V. (formerly known as ABN AMRO Bank N.V.), and Ms Choy Cheuk Tung, a former employee of Standard Chartered Bank (Hong Kong) Limited, from re-entering the industry for life (Note 1).
Chow was sentenced to imprisonment of four years by the District Court following conviction on one count of fraud on 11 September 2013 (Note 2).
From January 2009 to March 2009, Chow transferred monies totaling $28,876,653 from four customers’ accounts without their authorizations to other customers’ accounts by forging the customers’ signatures on bank instruction forms. To conceal the unauthorized transfers, Chow changed the correspondence address of two of the customers by forging their signatures on bank instruction forms and sent false bank statements to one of them.
Choy was sentenced to imprisonment of 18 months by the District Court following convictions of three counts of theft and three counts of dealing with property known or reasonably believed to represent proceeds of an indictable offence on 5 December 2013 (Note 3).
In July 2012, Choy misappropriated a total of $750,000 from a bank customer by forging the customer’s signature and made three transfers from the customer’s account into her husband’s account, and subsequently transferred a total of $700,000 into her own account.
The victims in both cases have been compensated.
The SFC considers Chow and Choy are not fit and proper persons as a result of their convictions.
Both cases were referred to the SFC by the Hong Kong Monetary Authority.
Notes:
- At the material time, Chow was a relevant individual engaged by ABN AMRO Bank N.V. to carry on Type 1 (dealing in securities) and Type 4 (advising on securities) regulated activities under the Securities and Futures Ordinance (SFO). Choy was a relevant individual engaged by Standard Chartered Bank (Hong Kong) Limited to carry on Type 1 (dealing in securities) and Type 4 (advising on securities) regulated activities under the SFO. Chow and Choy are currently not registered with the Hong Kong Monetary Authority or licensed by the SFC.
- Please see the Reasons for Sentence (DCCC825/2012) which is available on the Judiciary’s website (www.judiciary.gov.hk).
- Please see the Reasons for Sentence (DCCC853/2013) which is available on the Judiciary’s website (www.judiciary.gov.hk).