The Securities and Futures Commission (SFC) of Hong Kong has suspended Lam Ka Wo for three years from 18 May 2013 to 17 May 2016.
The disciplinary action follows an SFC investigation in which the SFC found that, during the period from September to November 2009, Lam had:
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(a) permitted a third party, without proper authorization, to:
(i) open and operate a customer account at UOB Kay Hian (Hong Kong) Limited (UOB) in the name of another person; and
(ii) transfer securities from that account at UOB to the customer’s account at another brokerage firm;
(b) failed to take steps to identify and keep records of the person who was ultimately responsible for the account, and who ultimately benefited from the transactions operated through that account; and
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By GlobalData(c) provided false and misleading information to UOB in the client’s account opening documents.
The SFC considers that Lam’s conduct demonstrates a serious lack of honesty and integrity and calls into question his fitness and properness to be a licensed person.
