The SFC said that Choi Yuet Yan was convicted on 25 June 2012, by the District Court on seven counts of using false instruments and dealing with property believed to be proceeds of crime. She was sentenced to imprisonment of four years and eight months.
Choi created false letters purporting to authorize or instruct her employer to transfer funds held in a client account into accounts with other banks held by Choi’s family members, the SFC said.
In one case, the false letters were created to guarantee a trading account of a family member of Choi, and in another, to deceive her employer to give credit to her family member.
The false letters placed substantial client moneys at risk, and the SFC took the view that Choi was not a fit and proper person as a result of her convictions.
The case was referred to the SFC by the Hong Kong Monetary Authority.
The SEC banned a former employee of what at the time was known as ABN AMRO Bank from re-entering the industry for three years from 19 February, following his conviction in 2012 on one count of "copying a false instrument".
The SFC also banned a former HSBC relationship manager in February this year from re-entering the industry for life. Jonathan Yan Cheuk Fung, a premier relationship manager, was found to have deceived HSBC Life, a subsidiary of the bank, by submitting false or defective statements.
