Hong Kong’s Securities and Futures Commission (SFC) has, in two separate actions, banned Helen Chow Hoi Ching, a former employee of The Royal Bank of Scotland, and Choy Cheuk Tung, a former employee of Standard Chartered Bank (Hong Kong), from re-entering the industry for life.
Chow was sentenced to imprisonment of four years by the District Court following conviction on one count of fraud on 11 September 2013.
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From January 2009 to March 2009, Chow transferred monies totaling $28,876,653 from four customers’ accounts without their authorizations to other customers’ accounts by forging the customers’ signatures on bank instruction forms. To conceal the unauthorized transfers, Chow changed the correspondence address of two of the customers by forging their signatures on bank instruction forms and sent false bank statements to one of them.
Choy was sentenced to imprisonment of 18 months by the District Court following convictions of three counts of theft and three counts of dealing with property known or reasonably believed to represent proceeds of an indictable offence on 5 December 2013.
In July 2012, Choy misappropriated a total of $750,000 from a bank customer by forging the customer’s signature and made three transfers from the customer’s account into her husband’s account, and subsequently transferred a total of $700,000 into her own account.
The victims in both cases have been compensated.
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By GlobalDataThe SFC considers Chow and Choy are not fit and proper persons as a result of their convictions.
Both cases were referred to the SFC by the Hong Kong Monetary Authority.
