Hong Kong’s SFC Bans Former Wing Lung Bank Employee Over $25.8m Fraud

Hong Kong’s Securities and Futures Commission (SFC) has banned Liu King Yee, a former employee of Wing Lung Bank Ltd, from any further activities in the financial industry for life, following her conviction by the High Court for fraud.

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Liu was engaged by Wing Lung Bank to carry out a series of regulated activities under the Securities and Futures Ordinance and was involved with dealing in and advising on securities.

Liu, who is not registered with Hong Kong Monetary Authority or licensed by the SFC, was found by the court to have fraudulently represented information to three customers about certain high return investment products.

$25.8 Million Losses

As a result, the three customers paid Liu large sums of monies for investment between September 2010 and January 2014 and suffered losses of over $25.8 million.

According to the SFC, Liu is not a fit and proper person to be licensed or registered to carry on regulated activities as a result of her convictions and therefore decided to instigate proceedings.

Liu was sentenced to 10 years and four months of imprisonment on 27th October 2015 after her conviction for three counts of fraud under the Theft Ordinance.

Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term

The Securities and Futures Commission is an independent statutory body set up in 1989 to regulate Hong Kong's securities and futures markets. Finance Magnates last reported on a recent SFC case in May when it announced that it had reprimanded and fined Guotai Junan Securities Ltd $1.3 million for failing to comply with its regulatory requirements in relation to ascertaining client identity.