The Securities and Futures Commission in Hong Kong has banned a former employee of Wing Lung Bank from re-entering the industry for life following her conviction by the High Court for fraud.
The Court found Liu King Yee made fraudulent representations to three bank customers about certain high return investment products. As a result, the three customers paid Liu large sums for investment between September 2010 and January 2014, and suffered losses of almost $26 million.
Liu was a relevant individual engaged by Wing Lung Bank to carry on Type 1 (dealing in securities) and Type 4 (advising on securities) regulated activities under the Securities and Futures Ordinance.
Heavy Prison Sentence
Liu King Yee is currently not registered with Hong Kong Monetary Authority or licensed by the SFC. On 27 October 2015 after her conviction for three counts of fraud under the Theft Ordinance, Liu was sentenced to 10 years and four months of imprisonment.
The SFC considers that Liu is not a fit and proper person to be licensed or registered to carry on regulated activities as a result of her convictions. The case was referred to the SFC by Hong Kong Monetary Authority.
