The Securities and Futures Commission has banned a former HSBC relationship manager from re-entering the industry for life.
Jonathan Yan Cheuk Fung, whom was a premier relationship manager, was found to have deceived HSBC Life, a subsidiary of the bank, by submitting false or defective statements.
Yan was involved in promoting the bank’s financial products, including insurance policies issued by its subsidiary, HSBC Life International.
The SFC said Yan misled HSBC Life International, in submitting life insurance applications, by naming a friend as the insured person and payer of the premium of the policies when, in fact, that was not the case. He received commission for the sale of the policies.
The premia for the six applications amounted to a total of US$1,632,816 (or approximately HK$12,736,000), according to a verdict document of the district court.
Yan was charged and convicted of six counts of using a document with intent to deceive his principal, HSBC Life. The offences occurred between October 2010 and January 2011.
Following the case, the SFC said it had decided “Yan is not a fit and proper person as a result of his convictions”. The case was referred to the SFC by the Hong Kong Monetary Authority.