SFC Slaps Brokerage Executive with Lifetime Ban for Defrauding Clients

[kreslik.news]

Hong Kong’s securities market regulator today said it had slapped a former employee of broker Fulbright Securities with a lifetime ban and a HK
$542,071 fine for defrauding his clients and conducting unauthorized trades from their accounts.

Over a 17-month period between January 2013 and May 2014, an investigation by the Securities and Futures Commission found that Danny Fung Kwong Shing had conducted around 772 unauthorised transactions which affected two clients, amounting to substantial losses for his victims. He also created deceptive records to give the impression that the trade instructions originated from or were confirmed with ... (read more)