Australia’s securities regulator has permanently banned a former Citibank manager from providing financial services advice.
Date: Oct 5, 2011
Tags: Australia, Fraud, Enforcement
Australia’s securities regulator has permanently banned a former Citibank manager from providing financial services advice.
The Australian Securities and Investments Commission’s (ASIC)’s investigation found that between December 2009 and August 2010, Victoria Cai, a relationship manager with Citibank at the time, conducted 31 transactions without client authorisation or knowledge, and submitted transfer application forms containing falsified signatures. She even cancelled a client’s term deposit to facilitate one of these transactions.
In addition, ASIC discovered that Cai supparessed some client statements completely to cover the transactions, and transferred more than US$500,000 to her personal accounts from a client account.
