Hong Kong’s Securities and Futures Commission has banned Wong Chiu Wan, a former licensed representative of KGI Asia Limited, from re-entering the industry for life for misappropriation of client assets.

Date: May 11, 2012

Tags: Hong Kong, Enforcement

Hong Kong’s Securities and Futures Commission (SFC) has banned Wong Chiu Wan, a former licensed representative of KGI Asia Limited, from re-entering the industry for life for misappropriation of client assets.

An SFC investigation found that, between April and June 2011, Wong conducted unauthorised trades in a client’s securities account at KGI and sold the client’s shares without the consent or instruction of that client.

In an attempt to conceal his acts, the SFC said Wong also forged the client’s signature to falsify an instruction to amend the client’s e-mail address on KGI’s records, to prevent the client from receiving trading statements from KGI.

KGI has compensated the affected client and restored the original stock and cash position in her account. The client’s losses, which amounted to over HK$178,000 including interest, had been repaid by Wong to KGI.

More details: http://www.sfc.hk/sfcPressRelease/EN/sfcOpenDocServlet?docno=12PR45