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Hong Kong’s Securities and Futures Commission (SFC) has banned Chan Hau Wing, a licensed employee at Xiu Futures Company Limited, from re-entering the industry for two years for conducting unauthorized trades in a client’s account, according to a SFC statement.
The disciplinary action follows an SFC investigation which found that a client of Yue Xiu Futures has telephoned and instructed Chan to buy 13 futures contracts in crude oil but he mistakenly placed a sell order. Instead of reporting the matter to the company’s management, Chan sought to reduce the loss by trading in the client’s account without any proper authorization.
Furthermore, ... (read more)